NET INCOME PER SHARE

3 Months Ended

Mar. 31, 2012

NET INCOME PER SHARE

10. NET INCOME PER SHARE:

A reconciliation of net income and weighted average shares used in computing basic and diluted net income per share is as follows:

	Three Months Ended March 31,
	2012		2011
	(In Thousands, Except Per Share Data)
Basic net income per share:
Net income applicable to common shares	$	175	$	310
Weighted average common shares outstanding		11,363		12,359
Basic net income per share of common stock	$	0.02	$	0.03
Diluted net income per share:
Net income applicable to common shares	$	175	$	310
Weighted average common shares outstanding		11,363		12,359
Dilutive effects of stock options		244		1
Weighted average common shares, assuming dilutive effect of stock options		11,607		12,360
Diluted net income per share of common stock	$	0.02	$	0.03

Share-based awards, inclusive of all grants made under the Company’s equity plans, for which either the stock option exercise price, or the fair value of the restricted share award, exceeds the average market price over the period, have an anti-dilutive effect on earnings per share, and accordingly, are excluded from the diluted computations for all periods presented. Had such shares been included, shares for the diluted computation would have increased by approximately 2.3 million and 3.5 million in the three-month periods ended March 31, 2012 and 2011, respectively. As of March 31, 2012 and 2011, there were approximately 3.8 million share-based awards outstanding under the Company’s equity plans.