Annual report pursuant to Section 13 and 15(d)

EARNINGS PER SHARE AND STOCK REPURCHASE PLAN

v3.6.0.2
EARNINGS PER SHARE AND STOCK REPURCHASE PLAN
 12 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
EARNINGS PER SHARE AND STOCK REPURCHASE PLAN
EARNINGS PER SHARE AND STOCK REPURCHASE PLAN
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): 
 
2016
 
2015
 
2014
Numerator:
 
 
 
 
 
Net income (loss)
$
3,515

 
$
(25,364
)
 
$
15,320

Less: distributed loss / distributed and undistributed income (unvested restricted stock)
30

 
84

 
104

Net income (loss) attributable to common shareholders
$
3,485

 
$
(25,448
)
 
$
15,216

 
 
 
 
 
 
Denominator (basic and fully diluted):
 
 
 
 
 
Denominator for basic earnings per share-weighted-average shares
14,631

 
14,546

 
14,505

Basic and fully diluted earnings (loss) per share—common shareholders
$
0.24

 
$
(1.75
)
 
$
1.05


On July 30, 2015, our Board of Directors authorized the Company to repurchase up to $10.0 million in shares of our common stock under a share repurchase program that remains in effect through July 30, 2017. Repurchases may be effected through open market purchases or in privately negotiated transactions at such times and in such amounts as management deems appropriate, depending on market conditions and other factors. The repurchase program does not obligate the Company to acquire any particular amount of common stock and may be modified, suspended or discontinued at any time. To date, we have made no repurchases of our common stock. Due to the severity of the industry downturn, management has recommended and our Board of Directors has approved a suspension of our stock repurchase program in an effort to conserve cash.