Net (Loss) Income Per Common Share

9 Months Ended

Sep. 30, 2022

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					Nine months ended
	September 30,					September 30,
(dollars in thousands, except per share amounts)	2022			2021		2022			2021
Numerator:
Net (loss) income	$	(1,297	)	$	7,890	$	(4,349	)	$	868
Denominator:
Weighted average number of shares of common stock outstanding		8,975,331			8,917,858		8,960,830			8,902,484
Weighted average effect of dilutive share-based compensation		-			164,513		-			148,363
Diluted weighted average number of shares of common stock outstanding		8,975,331			9,082,371		8,960,830			9,050,847
Net loss per common share:
Net (loss) income per common share - Basic	$	(0.14	)	$	0.88	$	(0.49	)	$	0.10
Net (loss) income per common share - Diluted	$	(0.14	)	$	0.87	$	(0.49	)	$	0.10

We had options to purchase 719,875 and 680,550 shares of common stock outstanding at a weighted average price of $18.48 and $22.15 for the three months ended September 30, 2022 and 2021, respectively, which were excluded in the computation of diluted net (loss) income per common share. We had options to purchase 716,375 and 700,550 shares of common stock outstanding at a weighted average price of $18.55 and $21.83 for the nine months ended September 30, 2022 and 2021, 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 for the three and nine months ended September 30, 2022, respectively, excluded 14,919 and 20,119 shares for the assumed exercise of stock options as a result of being in a net loss position.