Earnings Per Common Share

12 Months Ended

Dec. 31, 2012

Earnings Per Common Share [Abstract]

EARNINGS PER COMMON SHARE

(3) EARNINGS PER COMMON SHARE

The following tables set forth the computations of basic and diluted earnings per common share (in thousands, except per share data).

	Years Ended December 31,
	2012		2011		2010
Basic earnings per common share:
Numerator:
Net earnings	$	5,392	$	2,816	$	3,253
Denominator:
Weighted-average common shares outstanding	$	25,566	$	24,634	$	23,906
Basic earnings per common share	$	0.21	$	0.11	$	0.14
Diluted earnings per common share:
Numerator:
Net earnings	$	5,392	$	2,816	$	3,253
Denominator:
Weighted-average common shares outstanding	$	25,566	$	24,634	$	23,906
Incremental shares from stock-based compensation plans		571		395		238
Denominator for diluted earnings per common share	$	26,137	$	25,029	$	24,144
Diluted earnings per common share	$	0.21	$	0.11	$	0.13

Weighted average shares outstanding excludes anti-dilutive shares underlying options that totaled 1.6 million shares in 2012, 1.5 million shares in 2011 and 1.7 million shares in 2010. The number of common shares we used in the basic and diluted earnings per common share computations include nonvested restricted shares of 0.9 million in 2012, 1.2 million in 2011 and 1.2 million in 2010, and nonvested restricted share units that we consider to be participating securities of 0.2 million in 2012, 0.2 million in 2011 and 0.3 million in 2010.

On December 11, 2012, we closed a public offering of 6,249,234 shares of our common stock, which consisted of 2,500,000 shares sold by us and 3,749,234 shares sold by certain selling shareholders, at a price to the public of $6.39 per share. The net proceeds to us from the public offering, after deducting underwriting discounts and commissions and offering expenses, were $14.7 million. We intend to use the net proceeds from the public offering for working capital and general corporate purposes, including potential acquisitions. We did not receive any proceeds from the sale of shares by the selling shareholders. In addition, the underwriters elected to exercise an overallotment option for an additional 687,385 shares, and completed the additional sale on January 8, 2013. The net proceeds to us from the overallotment, after deducting underwriting discounts and commission and offering expenses were $4.1 million.