Net Loss Per Common Share

6 Months Ended

Jun. 30, 2016

Net Loss Per Common Share [Abstract]

Net Loss Per Common Share

Note 2:  Net loss per Common Share

The following table sets forth the computation of basic and diluted net loss per common share:

	Three months ended				Six months ended
	June 30,				June 30,
(dollars in thousands, except per share amounts)	2016		2015		2016		2015
Numerator:
Net loss	$	(802)	$	(356)	$	(3,242)	$	(231)
Adjustment for interest expense on convertible notes (A)		-		-		-		-
Net loss	$	(802)	$	(356)	$	(3,242)	$	(231)
Denominator:
Weighted average number of shares of common stock outstanding		7,196,891		7,061,545		7,179,746		7,058,026
Weighted average effect of dilutive stock options and other stock compensation		-		-		-		-
Weighted average number of shares of common stock outstanding, as adjusted		7,196,891		7,061,545		7,179,746		7,058,026
Net loss per common share:
Net loss per common share -Basic	$	(0.11)	$	(0.05)	$	(0.45)	$	(0.03)
Net loss per common share -Diluted	$	(0.11)	$	(0.05)	$	(0.45)	$	(0.03)

(A)   An adjustment for interest expense on convertible notes was excluded from the loss per share calculation for the three and six months ended June 30, 2016 and 2015 as a result of the convertible notes being anti-dilutive.

We had options to purchase 696,300 and 587,550 shares of common stock outstanding at an average price of $28.44 and $32.96 which were excluded in the computation of diluted net loss per common share for the three months ended June 30, 2016 and 2015, respectively.  We had options to purchase 818,250 and 587,550 shares of common stock outstanding at an average price of $27.01 and $32.96 for the six months ended June 30, 2016 and 2015, respectively.  These outstanding options were not included in the computation of diluted net loss per common share because their respective exercise prices were greater than the average market price of our common stock for the respective periods.  The calculation of diluted net loss per common share for the three months ended June 30, 2016 and 2015 excluded 407,466 and 428,888 shares, respectively, for the assumed conversion of convertible notes as a result of being anti-dilutive.  The calculation of diluted net loss per common share for the six months ended June 30, 2016 and 2015 excluded 409,078 and 428,177 shares, respectively, for the assumed conversion of convertible notes as a result of being anti-dilutive.  In addition, the calculation of diluted earnings per share for the three months ended June 30, 2016 and 2015 excluded 5,313 and 27,598 shares, respectively, for the assumed exercise of stock options as a result of being in a net loss position.   The calculation of diluted earnings per share for the six months ended June 30, 2016 and 2015 excluded 1,539 and 35,757 shares, respectively, for the assumed exercise of stock options as a result of being in a net loss position.