Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

v3.3.0.814
EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE AND SHAREHOLDERS' EQUITY
Earnings per Share:
The following table sets forth the computation of basic and diluted (loss) earnings per share (in thousands, except per share data):
 
Three Months Ended
 
Nine Months Ended
 
September 30,
2015
 
September 30,
2014
 
September 30,
2015

September 30,
2014
Basic and diluted:
 
 
 
 
 


Numerator:
 
 
 
 
 


Net (loss) Income
$
(12,137
)
 
$
7,586

 
$
(10,697
)
 
$
15,431

Less: Distributed and undistributed income (unvested restricted stock)
24

 
79

 
71

 
157

Net (loss) income attributable to common shareholders
$
(12,161
)
 
$
7,507

 
$
(10,768
)
 
$
15,274

Denominator:
 
 
 
 
 
 
 
Denominator for basic earnings per share-weighted-average shares
14,543

 
14,506

 
14,541

 
14,501

Effect of dilutive securities:
 
 
 
 
 
 
 
Employee stock options
—

 
—

 
—

 
—

Denominator for dilutive (loss) earnings per share-weighted-average shares
14,543

 
14,506

 
14,541

 
14,501

Basic and diluted (loss) earnings per share - common shareholders
$
(0.84
)
 
$
0.52

 
$
(0.74
)
 
$
1.05



Stock Repurchase Plan:
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.