Earnings (Loss) Per Common Share

3 Months Ended

Mar. 31, 2013

Earnings (Loss) Per Common Share [Abstract]

Earnings (Loss) Per Common Share

Note B – Earnings (Loss) Per Common Share

The following tables set forth the computations of basic and diluted earnings (loss) per common share for the three months ended March 31, 2013 and 2012 (in thousands, except per share data):

	Three Months Ended March 31,
Basic earnings (loss) per common share:	2013			2012
Numerator:
Net earnings (loss)	$	(497	)	$	292
Denominator:
Weighted-average common shares outstanding		28,770			25,309
Basic earnings (loss) per common share	$	(0.02	)	$	0.01

	Three Months Ended March 31,
Diluted earnings (loss) per common share:	2013			2012
Numerator:
Net earnings (loss)	$	(497	)	$	292
Denominator:
Weighted-average common shares outstanding		28,770			25,309
Incremental shares from stock-based compensation plans		—			456
Denominator for diluted earnings (loss) per common share		28,770			25,765
Diluted earnings (loss) per common share	$	(0.02	)	$	0.01

Weighted-average shares outstanding excludes anti-dilutive shares underlying options that totaled 2.9 million shares and anti-dilutive Performance Units related to the Company’s 2006 Management Incentive Plan that totaled 0.1 million from the computation of diluted earnings (loss) per common share for the three months ended March 31, 2013. Weighted-average shares outstanding excludes anti-dilutive shares underlying options that totaled 1.5 million shares from the computation of diluted earnings per common share for the three months ended March 31, 2012. The number of common shares we used in the basic and diluted earnings (loss) per common share computations include nonvested restricted shares of 0.8 million and 1.1 million for the three months ended March 31, 2013 and 2012, respectively, and nonvested restricted share units that we consider to be participating securities of 0.2 million for both the three months ended March 31, 2013 and 2012.

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 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. We intend to use the net proceeds from the public offering for working capital and general corporate purposes, including potential acquisitions.