Net (Loss) Income Per Common Share

3 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

Net (Loss) Income Per Common Share

Note 2:  Net (loss) income per Common Share

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

	Three months ended
	March 31,
(dollars in thousands, except per share amounts)	2017		2016
Numerator:
Net loss	$	(1,219)	$	(2,440)
Adjustment for interest expense on convertible notes (A)		-		-
Net loss	$	(1,219)	$	(2,440)
Denominator:
Weighted average number of shares of common stock outstanding		7,216,447		7,162,601
Weighted average effect of dilutive stock options and other stock compensation		-		-
Weighted average number of shares of common stock outstanding, as adjusted		7,216,447		7,162,601
Net loss per common share:
Net loss per common share -Basic	$	(0.17)	$	(0.34)
Net loss per common share -Diluted	$	(0.17)	$	(0.34)

(A) An adjustment for interest expense on convertible notes was excluded from the loss per share calculation for the three months ended March 31, 2017 and 2016 as a result of the convertible notes being antidilutive.

We had options to purchase 625,800 and 821,500 shares of common stock outstanding at an average price of $30.17 and $26.97, respectively, which were excluded in the computation of diluted net loss per common share for the three months ended March 31, 2017 and 2016, 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.  The calculation of diluted net loss per common share for the three months ended March 31, 2017 and 2016 excluded 406,847 and 410,816 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 three months ended March 31, 2017 and March 31, 2016 excluded 73,609 and 515 shares, respectively, for the assumed exercise of stock options as a result of being in a net loss position.  In addition, the calculation of diluted net loss per share for the three months ended March 31, 2017 excluded 7,708 shares for the assumed issuance of stock for restricted stock units.