Earnings Per Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

18. Earnings Per Share:

The following is a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations:

	Year ended December 31,
(In thousands, except per share amounts)	2010			2011			2012
Numerator:
Net income (loss)	($	8,975	)	($	8,774	)	($	3,228	)
Denominator:
Weighted average shares outstanding used for basic earnings (loss) per share		24,411,158			24,668,579			25,135,416
Effect of dilutive securities:
Stock-options and warrants		-			-			-
Weighted average shares outstanding and dilutive securities used for diluted earnings (loss) per share		24,411,158			24,668,579			25,135,416
Basic earnings (loss) per share	($	0.37	)	($	0.36	)	($	0.13	)
Diluted earnings (loss) per share	($	0.37	)	($	0.36	)	($	0.13	)

For the years ended December 31, 2010, 2011 and 2012, the effects of dilutive securities were excluded from the calculation of earnings per share as a net loss was reported in these periods.

Options to purchase 6,576,240 shares of common stock at an average of €8.99 per share were outstanding during 2012, but were not included in the computation of diluted EPS because the exercise price was greater than the average market price of common shares. The options, which expire in December 2022, were still outstanding at the end of year 2012.