EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share (“Basic EPS”) is computed using the weighted average number of common shares outstanding during the period, inclusive of nonvested share-based awards that are entitled to receive non-forfeitable dividends.  The diluted earnings (loss) per share (“Diluted EPS”) computation takes into account the effect of potential dilutive common shares.  Potential dilutive common shares, consisting primarily of outstanding stock options, warrants and director deferred shares, are calculated using the treasury stock method.

The following table presents a reconciliation of the shares used in the computation of Basic EPS and Diluted EPS (in thousands):

	Years Ended December 31,
	2013	2012
Shares
Basic shares outstanding	20,217	19,919
Dilutive effect of outstanding stock options, warrants and director units	1,688	1,075
Dilutive shares outstanding	21,905	20,994

 For 2011, the Basic EPS and Diluted EPS shares were the same because the impact of potential dilutive securities would have been antidilutive.  Accordingly, excluded from the 2011 Diluted EPS computation were outstanding options to purchase 1.0 million (weighted average price per share of $16.14) and warrants to purchase 3,690,000 shares of common shares (exercise price per share of $5.10).