Earnings Per Share

3 Months Ended

Mar. 31, 2013

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 year. 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 March 31:

	For the three months ended March 31,
	2013		2012
	(In thousands)
BASIC:
Net Earnings	$	499	$	413
Weighted average common shares outstanding		13,387		7,220
Basic earnings per share	$	0.04	$	0.06
DILUTED:
Net Earnings	$	499	$	413
Weighted average common shares outstanding		13,387		7,220
Dilutive effect of warrants		891		0
Dilutive effect of stock options		114		0
Total common shares and dilutive potential common shares		14,392		7,220
Diluted earnings per share	$	0.03	$	0.06

Anti-dilutive options to purchase 94,633 and 581,666 shares of common stock with respective weighted-average exercise prices of $13.73 and $4.71 were outstanding at March 31, 2013 and 2012, 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.