Note 11 - Net Income (Loss) Per Share

12 Months Ended

Dec. 31, 2011

Note 11 - Net Income (Loss) Per Share Disclosure

Note 11 - Net Income (Loss) Per Share

11.     NET INCOME (LOSS) PER SHARE

Basic net income (loss) per share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income (loss) per share is computed by dividing net income by the sum of weighted-average number of common shares outstanding for the period plus the assumed exercise of all dilutive securities.

The following table provides a reconciliation of net income available to common stockholders and the number of shares used in the computations of “basic” net income per share available to common stockholders and “diluted” net income per share available to common stockholders.

	Year Ended December 31,
	2011		2010		2009
	(dollars in thousands, except per share data)
Numerator:
Income from continuing operations	$	8,947	$	7,815	$	8,695
Income (loss) from discontinued operations		328		658		(304	)
Net income available to common stockholders	$	9,275	$	8,473	$	8,391
Denominator:
Weighted average shares of common stock (basic)		22,489,475		21,973,599		21,736,699
Effect of dilutive securities:
Incremental shares from assumed stock options exercise		428,077		148,125		186,405
Weighted average shares of common stock (diluted)		22,917,552		22,121,724		21,923,104
Per share data:
Basic net income (loss) per share:
Net income to common stockholders before discontinued operations	$	0.40	$	0.36	$	0.40
Discontinued operations	$	0.01	$	0.03	$	(0.01	)
Net income available to common stockholders	$	0.41	$	0.39	$	0.39
Diluted net income (loss) per share:
Net income to common stockholders before discontinued operations	$	0.39	$	0.35	$	0.39
Discontinued operations	$	0.01	$	0.03	$	(0.01	)
Net income available to common stockholders	$	0.40	$	0.38	$	0.38

Outstanding options to purchase 1,462,500 shares in 2011 and 2,223,500 shares in 2010 were excluded from the computation of diluted net income per share under the treasury stock method because the option exercise price was greater than the weighted average exercise price of the Company’s common stock during the period. The outstanding O.P. Units which are exchangeable at the unit holder’s option, subject to certain restrictions on conversions, for shares of common stock on a one-for-one basis have been excluded from the diluted net income per share calculation. The total number of O.P. Units outstanding at December 31, 2011, 2010 and 2009 were 82,700,015, 83,150,265 and 83,404,965, respectively.