Net (loss) Income Per Common Share

6 Months Ended

Jun. 30, 2020

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 income per common share:

	Three months ended					Six months ended
	June 30,					June 30,
(dollars in thousands, except per share amounts)	2020			2019		2020			2019
Numerator:
Net (loss) income	$	(3,331	)	$	2,086	$	(4,742	)	$	3,308
Denominator:
Weighted average number of shares of common stock outstanding		8,810,396			8,773,263		8,805,866			8,769,242
Weighted average effect of dilutive share-based compensation		-			74,564		-			90,901
Diluted weighted average number of shares of common stock outstanding		8,810,396			8,847,827		8,805,866			8,860,143
Net (loss) income per common share:
Net (loss) income per common share - Basic	$	(0.38	)	$	0.24	$	(0.54	)	$	0.38
Net (loss) income per common share - Diluted	$	(0.38	)	$	0.24	$	(0.54	)	$	0.37

We had options to purchase 863,025 and 651,900 shares of common stock outstanding at a weighted average price of $21.94 and $26.16 for the three months ended June 30, 2020 and 2019, respectively, which were excluded in the computation of diluted net (loss) income per common share. We had options to purchase 810,100 and 646,900 shares of common stock outstanding at a weighted average price of $22.81 and $26.25 for the six months ended June 30, 2020 and 2019, respectively, which were excluded in the computation of diluted net (loss) income per common share. These options were not included in the computation of diluted net (loss) income per common share because their exercise prices were greater than the average market price of our common stock. In addition, the calculation of diluted net (loss) per share excluded 55 shares and 7,571 shares, for the three and six months ended June 30, 2020, respectively, for the assumed exercise of stock options as a result of being in a net loss position.