14. EARNINGS PER SHARE

Basic earnings per share (“EPS”) is calculated using the average number of shares of common stock outstanding during each period. For the calculation of diluted shares, we assume that restricted stock is outstanding on the date of vesting, and we assume the issuance of shares from the exercise of stock options using the treasury stock method. 

A reconciliation from basic to diluted shares follows:







Because we recognized net losses for the years ended December 31, 2016 and 2015, there were no dilutive securities for these years.