Earnings Per Share

9 Months Ended

Sep. 30, 2011

Note 2 – Earnings Per Share

Basic earnings/(loss) per common share are calculated by dividing net income/(loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings/(loss) per common share are calculated by dividing net income/(loss) available to common stockholders by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of stock-based awards and the warrant. There is no dilutive effect on the loss per share during loss periods. The following table provides information relating to the calculation of earnings/(loss) per common share:

	For the Three Months Ended					For the Nine Months Ended
	September 30,					September 30,
(In thousands, except per share data)	2011		2010			2011			2010
Net income (loss) available to common shareholders	$	94	$	(1,400	)	$	(1,222	)	$	(2,517	)
Weighted average shares outstanding – Basic		8,457		8,443			8,449			8,441
Dilutive effect of stock-based awards and warrant		-		-			-			-
Weighted average shares outstanding – Diluted		8,457		8,443			8,449			8,441
Earnings (loss) per common share – Basic	$	0.01	$	(0.17	)	$	(0.14	)	$	(0.30	)
Earnings (loss) per common share – Diluted	$	0.01	$	(0.17	)	$	(0.14	)	$	(0.30	)

The calculations of diluted earnings/(loss) per share for the three and nine months ended September 30, 2011 each excluded seven thousand weighted average stock-based awards and that portion of a warrant to purchase 173 thousand weighted average shares of common stock because the effect of including them would have been antidilutive. The calculations of diluted earnings/(loss) per share for the three and nine months ended September 30, 2010 each excluded eight thousand weighted average stock-based awards and that portion of a warrant to purchase 173 thousand weighted average shares of common stock because the effect of including them would have been antidilutive.