Earnings Per Share

9 Months Ended

Sep. 30, 2011

Basic earnings per common share is computed based upon the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is computed including the dilutive effect of additional potential common shares issuable under outstanding stock options. The computations were as follows for the period ended September 30, 2011:


	For the nine months					For the three months
	ended September 30,					ended September 30,
	2011		2010			2011		2010
	(In thousands)
BASIC:
Net Earnings (Loss)	$	952	$	(15,568	)	$	163	$	(11,598	)

Weighted average common shares outstanding		7,206		7,206			7,206		7,206


Basic earnings (loss) per share	$	0.13	$	(2.16	)	$	0.02	$	(1.61	)


DILUTED:
Net Earnings (Loss)	$	952	$	(15,568	)	$	163	$	(11,598	)

Weighted average common shares outstanding		7,206		7,206			7,206		7,206
Dilutive effect of stock options		—		—			—		—

Total common shares and dilutive potential common shares		7,206		7,206			7,206		7,206
Diluted earnings (loss) per share	$	0.13	$	(2.16	)	$	0.02	$	(1.61	)

Anti-dilutive options to purchase 599,078 and 467,054 shares of common stock with respective weighted-average exercise prices of $4.85 and $13.95 were outstanding at September 30, 2011 and 2010, respectively, but were excluded from the computation of common share equivalents for each of the nine months ended, because the exercise prices were greater than the average market price of the common shares.

Anti-dilutive options to purchase 599,078 and 467,054 shares of common stock with respective weighted-average exercise prices of $4.85 and $5.87 were outstanding at September 30, 2011 and 2010, respectively, but were excluded from the computation of common share equivalents for each of the three month periods, because the exercise prices were greater than the average market price of the common shares.