6. Earnings per share

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Text Block]

6. Earnings per share

The following table sets forth the reconciliation of basic weighted average shares outstanding and diluted weighted average shares outstanding:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2012		2011		2012		2011
	(In thousands, except per share data)
Net income	$	23	$	839	$	1,739	$	4,106
Shares:
Basic:  Weighted average common shares outstanding		8,822		9,471		9,110		9,435
Add:  Dilutive effect of outstanding options and restricted stock as determined by the treasury stock method		89		190		95		216
Diluted:  Weighted average common and common equivalent shares outstanding		8,911		9,661		9,205		9,651
Net income per common share:
Basic	$	0.00	$	0.09	$	0.19	$	0.44
Diluted	$	0.00	$	0.09	$	0.19	$	0.43

Unvested restricted stock is excluded from the calculation of weighted average common shares for basic EPS.  For diluted EPS, weighted average common shares include the impact of unvested restricted stock under the treasury stock method.

For both the three and nine months ended September 30, 2012 and 2011, there were 585,125 and 163,750, respectively, potentially dilutive shares consisting of stock options, and non-vested restricted stock (for the nine months ended September 30, 2011 only), that were excluded from the calculation of earnings per diluted share.