EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2015

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE I — EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings(loss) per share:

	Three Months Ended
	March 31
	2015			2014
	(in thousands, except share and per share data)
Basic
Numerator:
Net income (loss)	$	745		$	(5,193	)
Effect of unvested restricted stock unit awards	(19		)	(39		)
Adjusted net income (loss)	$	726		$	(5,232	)
Denominator:
Weighted-average shares	26,051,038			25,876,928
Earnings (loss) per common share	$	0.03		$	(0.20	)
Diluted
Numerator:
Net income (loss)	$	745		$	(5,193	)
Effect of unvested restricted stock unit awards	(19		)	(39		)
Adjusted net income (loss)	$	726		$	(5,232	)
Denominator:
Weighted-average shares	26,051,038			25,876,928
Effect of dilutive securities	537,480			—
Adjusted weighted-average shares and assumed conversions	26,588,518			25,876,928
Earnings (loss) per common share	$	0.03		$	(0.20	)

Under the two-class method of calculating earnings per share, dividends paid and a portion of undistributed net income, but not losses, are allocated to unvested restricted stock units, which are considered participating securities. For the three months ended March 31, 2015, outstanding stock awards of less than 0.1 million were not included in the diluted earnings per share calculation because their inclusion would have the effect of increasing earnings per share. For the three months ended March 31, 2014, outstanding stock awards of 0.8 million were not included in the diluted loss per share calculation because their inclusion would have the effect of decreasing the loss per share.