Earnings Per Share

9 Months Ended

Sep. 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 shares of common stock outstanding during the period. Diluted earnings per share is computed including the dilutive effect of additional potential 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 September 30, 2012 and 2011:

	For the nine months ended September 30,					For the three months ended September 30,
	2012		2011			2012		2011
	(In thousands, except per share information)
BASIC:
Net Earnings	$	1,379	$	(648	)	$	484	$	163
Weighted average common shares outstanding		7,385		7,206			7,467		7,206
Basic earnings (loss) per share	$	0.19	$	(0.09	)	$	0.07	$	0.02
DILUTED:
Net Earnings	$	1,379	$	(648	)	$	484	$	163
Weighted average common shares outstanding		7,385		7,206			7,467		7,206
Dilutive effect of stock options		3		0			6		0
Total common shares and dilutive potential common shares		7,388		7,206			7,473		7,206
Diluted earnings (loss) per share	$	0.19	$	(0.09	)	$	0.07	$	0.02

Anti-dilutive options to purchase 424,480 and 599,078 shares of common stock with respective weighted-average exercise prices of $5.54 and $4.85 were outstanding at September 30, 2012 and 2011, respectively, but were excluded from the computation of common stock equivalents for each of the three and nine month periods, because the exercise prices were greater than the average market price of the shares of common stock.