Net Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 2021

Note 2: 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					Nine months ended
	September 30,					September 30,
(dollars in thousands, except per share amounts)	2021		2020			2021		2020

Numerator:
Net income (loss)	$	7,890	$	(7,000	)	$	868	$	(11,742	)

Denominator:
Weighted average number of shares of common stock outstanding		8,917,858		8,829,732			8,902,484		8,813,880
Weighted average effect of dilutive share-based compensation		164,513		-			148,363		-
Diluted weighted average number of shares of common stock outstanding		9,082,371		8,829,732			9,050,847		8,813,880

Net income (loss) per common share:
Net income (loss) per common share - Basic	$	0.88	$	(0.79	)	$	0.10	$	(1.33	)
Net income (loss) per common share - Diluted	$	0.87	$	(0.79	)	$	0.10	$	(1.33	)

We had options to purchase 680,550 and 821,025 shares of common stock outstanding at a weighted average price of $22.15 and $21.71 for the three months ended September 30, 2021 and 2020, respectively, which were excluded in the computation of diluted net income (loss) per common share. We had options to purchase 700,550 and 791,025 shares of common stock outstanding at a weighted average price of $21.83 and $22.23 for the nine months ended September 30, 2021 and 2020, respectively, which were excluded in the computation of diluted net income (loss)per common share. These options were not included in the computation of diluted net income (loss) 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 for the three months and nine months ended September 30, 2020, respectively, excluded 510 and 4,803 shares for the assumed exercise of stock options as a result of being in a net loss position.