EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2015

NOTE 15 - EARNINGS (LOSS) PER SHARE

Basic earnings 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 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,
	2015	2014	2013
Shares
Basic shares outstanding	22,218	21,148	20,217
Dilutive effect of outstanding stock options, warrants and director units	271	1,223	1,688
Dilutive shares outstanding	22,489	22,371	21,905