Computation of Basic and Diluted Net Loss Per Share

3 Months Ended

Mar. 31, 2012

Computation of Basic and Diluted Net Loss Per Share [Abstract]

Computation of Basic and Diluted Net Loss Per Share [Text Block]

4.  Computation of Basic and Diluted Net Income (Loss) Per Share

Basic net income (loss) per share is computed using the weighted average number of common shares outstanding during the period, excluding any unvested restricted stock. Diluted net income (loss) per share is computed using the weighted average number of common shares, and if dilutive, potential common shares outstanding, as determined under the treasury stock and if-converted method, during the period. Potential common shares consist of unvested restricted stock, common shares issuable upon the exercise of stock options, common shares issuable upon the exercise of the warrant and common shares issuable upon the conversion of the note payable.  The following are the share amounts utilized to compute the basic and diluted net earnings (loss) per share for the three months ended March 31, 2012 and 2011:

	Three Months Ended March 31,
	2012			2011
Basic shares:
Weighted average common shares outstanding		46,123,775			45,785,045
Weighted average common shares repurchased		(36,411	)		-
Weighted average unvested restricted stock		-			(109,412	)
Basic shares		46,087,364			45,675,633
Diluted Shares:
Basic Shares		46,087,364			45,675,633
Weighted average dilutive securities		1,391,905			-
Dilutive Shares		47,479,269			45,675,633

For the three months ended March 31, 2012 and March 31, 2011, 12.6 million and 8.4 million anti-dilutive potential shares of common stock have been excluded from the calculation of diluted income (loss) per share, respectively.

On February 13, 2012, the Company announced that the Board of Directors had approved a stock repurchase program that authorizes the repurchase of up to $1.5 million of Company common stock. Under the repurchase program, the Company may repurchase common stock from time to time on the open market or in private transactions. This authorization does not require the Company to purchase a specific number of shares, and the Board of Directors may suspend, modify or terminate the program at any time.  The Company will fund repurchases through the use of available cash.  During the three months ended March 31, 2012, 229,940 shares were repurchased in the open market for an aggregate price of $0.2 million.  The average price paid for all shares repurchased during the three months ended March 31, 2012 was $0.97.  The shares repurchased in the three months ended March 31, 2012 were retired by the Company.  See also Part II, Item 2 of this Form 10-Q.