Earnings/(Loss) Per Share

9 Months Ended

Sep. 30, 2013

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 (allocable 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 (allocable 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). 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)	2013		2012		2013		2012
Net loss	$	(11,392)	$	(1,821)	$	(10,809)	$	(4,564)
Weighted average shares outstanding - Basic		8,461		8,457		8,460		8,457
Dilutive effect of common stock equivalents		-		-		-		-
Weighted average shares outstanding - Diluted		8,461		8,457		8,460		8,457
Loss per common share - Basic	$	(1.35)	$	(0.22)	$	(1.28)	$	(0.54)
Loss per common share - Diluted	$	(1.35)	$	(0.22)	$	(1.28)	$	(0.54)

The calculations of diluted earnings/(loss) per share excluded weighted average common stock equivalents of 54 thousand for both the three and nine months ended September 30, 2013 and 54 thousand and 43 thousand for the three and nine months ended September 30, 2012, respectively, because the effect of including them would have been antidilutive.