Quarterly report pursuant to Section 13 or 15(d)

Net Income (Loss) Per Share

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Net Income (Loss) Per Share
3 Months Ended
Mar. 31, 2016
Net Income (Loss) Per Share [Abstract]  
Net Income (Loss) Per Share

NOTE 13 – NET INCOME (LOSS) PER SHARE



Basic net income per common share is based on the weighted average number of common shares outstanding during each year. Diluted net income per common share takes into effect the dilutive effect of potential common shares outstanding.  The Company’s only potential common shares outstanding are stock options and shares associated with the long-term incentive compensation plans, which resulted in no dilutive effect for the three month periods ended  March 31, 2016 and 2015. The Company calculates the dilutive effect of outstanding options using the treasury stock method. Due to the net losses in the first three months of 2015 and 2016, there was no dilutive impact from stock options or unvested shares. Options totaling 753,591and 522,922 were excluded from the calculation of diluted earnings per share for the three months ended March 31, 2016 and 2015 because the exercise price was greater than the average market price of common stock during the period and deferred stock awards totaling 167,390 and 205,010 shares would not have been included for the three months ended March 31, 2016 and 2015 because of unmet performance conditions.