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Net Income (Loss) Per Common Share
12 Months Ended
Dec. 31, 2017
Earnings Per Share [Abstract]  
Net Income (Loss) Per Common Share

Note 8: Net Income (Loss) Per Common Share

The computation of basic and diluted net income (loss) per common share for the years ended December 31, 2017, 2016 and 2015 is as follows:

 

For the years ended December 31,

 

2017

 

 

2016

 

 

2015

 

(dollars in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

 

7,610

 

 

$

 

(5,347

)

 

$

 

(20,672

)

Adjustment for interest expense on convertible notes

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

Net income (loss), as adjusted

 

$

 

7,610

 

 

$

 

(5,347

)

 

$

 

(20,672

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares of common stock outstanding

 

 

 

7,225,697

 

 

 

 

7,193,300

 

 

 

 

7,069,954

 

Weighted average effect of dilutive stock options and other stock compensation

 

 

 

149,108

 

 

 

 

-

 

 

 

 

-

 

Weighted average effect of assumed conversion of convertible notes

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

Weighted average number of shares of common stock outstanding, as adjusted

 

 

 

7,374,805

 

 

 

 

7,193,300

 

 

 

 

7,069,954

 

Net income (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

 

$

 

1.05

 

 

$

 

(0.74

)

 

$

 

(2.92

)

Diluted earnings (loss) per share

 

$

 

1.03

 

 

$

 

(0.74

)

 

$

 

(2.92

)

 

An adjustment for interest expense on convertible notes was excluded from the income per share calculation for the years ended December 31, 2017, 2016 and 2015 as a result of the convertible notes being antidilutive.

There were 590,350, 844,000 and 635,200 options to purchase shares of common stock, at an average price of $30.63, $27.13 and $30.67 for the years ended December 31, 2017, 2016 and 2015, respectively, that were not included in the computation of diluted net income (loss) per common share because their respective exercise prices were greater than the average market price of our common stock.  The calculation of diluted earnings per share for the year ended December 31, 2017 excludes 268,351 shares, and for the year ended December 31, 2016 excludes 408,459 shares, and for the year ended December 31, 2015 excludes 428,140 shares, for the assumed conversion of the Notes as a result of the convertible notes being antidilutive.  In addition, the calculation of diluted earnings per share for the year ended December 31, 2016 and 2015 would have included 6,575 and  21,774 shares, respectively, for the assumed exercise of options and restricted stock units under our share incentive plans except that we were in a net loss position and the impact would have been antidilutive.