Earnings/(Loss) Per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

Note 2 – Earnings/(Loss) Per Share

Basic earnings/(loss) per common share is 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 is 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 common stock equivalents (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)	2012			2011		2012			2011
Net (loss) income	$	(1,821	)	$	94	$	(4,564	)	$	(1,222	)
Weighted average shares outstanding - Basic		8,457			8,457		8,457			8,449
Dilutive effect of common stock equivalents		-			-		-			-
Weighted average shares outstanding - Diluted		8,457			8,457		8,457			8,449
(Loss) earnings per common share - Basic	$	(0.22	)	$	0.01	$	(0.54	)	$	(0.14	)
(Loss) earnings per common share - Diluted	$	(0.22	)	$	0.01	$	(0.54	)	$	(0.14	)

The calculations of diluted earnings/(loss) per share for the three and nine months ended September 30, 2012 excluded 54 thousand and 43 thousand weighted average common stock equivalents, respectively, 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, 2011 each excluded 180 thousand weighted average common stock equivalents because the effect of including them would have been antidilutive.