Earnings Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share

4. Earnings Per Share

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. Diluted earnings per share is not computed for periods in which an operating loss is sustained. The computations were as follows for the periods ended June 30, 2012 and 2011:

	For the six months ended June 30,					For the three months ended June 30,
	2012		2011			2012		2011
	(In thousands, except per share information)
BASIC:
Net Earnings	$	895	$	(811	)	$	482	$	(1,463	)
Weighted average common shares outstanding		7,344		7,206			7,468		7,206
Basic earnings (loss) per share	$	0.12	$	(0.11	)	$	0.06	$	(0.20	)
DILUTED:
Net Earnings	$	895	$	(811	)	$	482	$	(1,463	)
Weighted average common shares outstanding		7,344		7,206			7,468		7,206
Dilutive effect of stock options		—		—			14		—
Total common shares and dilutive potential common shares		7,344		7,206			7,482		7,206
Diluted earnings (loss) per share	$	0.12	$	(0.11	)	$	0.06	$	(0.20	)

Anti-dilutive options to purchase 580,900 and 604,583 shares of common stock with respective weighted-average exercise prices of $4.70 and $4.97 were outstanding at June 30, 2012 and 2011, respectively, but were excluded from the computation of common share equivalents for each of the six month periods, because the exercise prices were greater than the average market price of the common shares.

Anti-dilutive options to purchase 428,286 and 609,583 shares of common stock with respective weighted-average exercise prices of $6.05 and $4.93 were outstanding at June 30, 2012 and 2011, 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.