Annual report pursuant to Section 13 and 15(d)

EARNINGS PER SHARE AND STOCK REPURCHASE

v3.3.1.900
EARNINGS PER SHARE AND STOCK REPURCHASE
 12 Months Ended
Dec. 31, 2015
Earnings Per Share [Abstract]  
EARNINGS PER SHARE AND STOCK REPURCHASE
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): 
 
2015
 
2014
 
2013
Numerator:
 
 
 
 
 
Net (loss) income
$
(25,364
)
 
$
15,320

 
$
7,232

Less: distributed loss / distributed and undistributed income (unvested restricted stock)
84

 
104

 
75

Net (loss) income attributable to common shareholders
$
(25,448
)
 
$
15,216

 
$
7,157

 
 
 
 
 
 
Denominator (basic):
 
 
 
 
 
Denominator for basic earnings per share-weighted-average shares
14,546

 
14,505

 
14,463

Basic (loss) earnings per share—common shareholders
$
(1.75
)
 
$
1.05

 
$
0.50

 
 
 
 
 
 
Denominator (diluted):
 
 
 
 
 
Denominator for basic earnings per share-weighted-average shares
14,546

 
14,505

 
14,463

Effect of dilutive securities: employee stock options
—

 
—

 
6

Denominator for dilutive earnings per share-weighted-average shares
14,546

 
14,505

 
14,469

Diluted (loss) earnings per share—common shareholders
$
(1.75
)
 
$
1.05

 
$
0.50


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 temporary suspension of our stock repurchase program in an effort to conserve cash.