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Net Income (Loss) Per Common Share (Tables)
 6 Months Ended
Jun. 30, 2018
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Net Income (Loss) Per Common Share

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

 

 

 

Three months ended

 

 

Six months ended

 

 

 

June 30,

 

 

June 30,

 

(dollars in thousands, except per share amounts)

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

 

4,038

 

 

$

 

1,228

 

 

$

 

6,163

 

 

$

 

9

 

Adjustment for interest expense on notes (A)

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss), as adjusted

 

$

 

4,038

 

 

$

 

1,228

 

 

$

 

6,163

 

 

$

 

9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares of common stock outstanding (B)

 

 

 

7,817,628

 

 

 

 

7,219,423

 

 

 

 

7,541,332

 

 

 

 

7,217,943

 

Weighted average effect of dilutive stock options and other stock compensation

 

 

 

258,480

 

 

 

 

140,714

 

 

 

 

243,071

 

 

 

 

115,163

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

8,076,108

 

 

 

 

7,360,137

 

 

 

 

7,784,403

 

 

 

 

7,333,106

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share - Basic

 

$

 

0.52

 

 

$

 

0.17

 

 

$

 

0.82

 

 

$

 

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per common share - Diluted

 

$

 

0.50

 

 

$

 

0.17

 

 

$

 

0.79

 

 

$

 

0.00

 

 

(A)

An adjustment for interest expense on notes was excluded from the income (loss) per share calculation for the three and six months ended June 30, 2017 as a result of the notes being antidilutive.

 

(B)

Calculation includes weighted average of 1,408,163 shares in the aggregate issued on May 25 and June 5, 2018 as part of underwritten public offering by the Company.