Earnings Per Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Basic net earnings (loss) per share, or basic earnings (loss) per share (“EPS”), is computed by dividing net income (loss) to common shareholders by the weighted average number of common shares outstanding for the period.

Diluted EPS reflects the potential dilution that could occur if COB's potential common stock, which consists of dilutive stock options and a common stock warrant, were issued. As required for entities with complex capital structures, a dual presentation of basic and diluted EPS is included on the face of the income statement, and a reconciliation of the numerator and denominator of the basic EPS computation to the numerator and denominator of the diluted EPS computation is provided in this note.

(dollars in thousands, except per share data)	For Three Months Ended				For Nine Months Ended
	September 30, 2014		September 30, 2013		September 30, 2014		September 30, 2013
Net income (loss)	$	1,773	$	4,006	$	5,842	$	(3,773	)
Weighted average number of shares outstanding - basic	21,739,009		21,738,770		21,853,866		21,722,536
Weighted average number of shares outstanding - diluted	21,746,965		21,738,770		21,865,972		21,722,536
Net income (loss) per share - basic and diluted	$	0.08	$	0.18	$	0.27	$	(0.17	)

During the three and nine months ended September 30, 2014, the price of the Company's common stock (as quoted on the Nasdaq Capital Market) was above the exercise price of 50,688 vested stock options, but below the price of the common stock warrant. As a result, the warrant was considered antidilutive and thus is not included in the diluted share calculation. During the three and nine months ended September 30, 2013 the price of the Company's common stock was below the exercise price of all vested stock options and the common stock warrant. In addition, as a result of the net loss for the nine months ended September 30, 2013, all stock options and the common stock warrant were considered antidilutive and thus are not included in this calculation.

For the three and nine months ended September 30, 2014, there were 22,072 antidilutive shares. For the three months and nine months ended September 30, 2013, there were 23,197 antidilutive shares. Of the antidilutive shares, the number of shares relating to stock options were 1,125 for the three and nine months ended September 30, 2013, while the number relating to the warrant was 22,072 for all periods presented.