Income Per Common Share

3 Months Ended

Mar. 31, 2016

15. Income Per Common Share

The following table sets forth the computation of basic and diluted income per common share (in thousands, except per share data):


	Three Months Ended
	March 31,
Basic income (loss) per common share	2016		2015
Net income (loss)	$	2,541	$	(274)
Net (income) loss allocated to participating securities		(48)		7
Net income (loss) allocated to common shareholders	$	2,493	$	(267)

Basic weighted-average common shares outstanding		31,029		27,523
Basic income (loss) per common share	$	0.08	$	(0.01)

	Three Months Ended
	March 31,
Diluted income (loss) per common share	2016		2015
Net income (loss)	$	2,541	$	(274)
Net (income) loss allocated to participating securities		(47)		7
Net income (loss) allocated to common shareholders	$	2,494	$	(267)

Basic weighted-average common shares outstanding		31,029		27,523
Effect of dilutive stock options and awardsa		742		--
Diluted weighted-average common shares outstanding		31,771		27,523
Diluted income (loss) per common share	$	0.08	$	(0.01)

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aThe Company excluded stock options from the calculation of diluted weighted-average common shares outstanding if the per share value, including the sum of (i) the exercise price of the options and (ii) the amount of the compensation cost attributed to future services and not yet recognized, was greater than the average market price of the shares because the inclusion of these stock options would be antidilutive to income (loss) per common share. The Company also excluded common stock equivalents from stock awards from the calculation of diluted weighted-average common shares outstanding during periods of net losses because the inclusion of these stock options would be antidilutive to income (loss) per common share. Accordingly, stock options to purchase a weighted-average 838,000 shares for the three months ended March 31, 2016, and 1.2 million shares for the three months ended March 31, 2015 were excluded from the calculation of diluted weighted-average common shares outstanding. Additionally the Company excluded a weighted-average 399,000 shares of common stock equivalents for outstanding stock awards in the quarter ended March 31, 2015.