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Earnings Per Share
 6 Months Ended
Jun. 30, 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 and warrants. 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:

 

    

For the six months ended

June 30,

     

For the three months ended

June 30,

  
(In thousands except earnings per share)    2013      2012      2013      2012  

BASIC:

            

Net Earnings

    $ 6,653       $ 895       $ 6,154       $ 482   

Weighted average common shares outstanding

      13,466         7,344         13,546         7,468   
  

 

 

     

 

 

     

 

 

     

 

 

  

Basic earnings per share

    $ 0.49       $ 0.12       $ 0.45       $ 0.06   
  

 

 

     

 

 

     

 

 

     

 

 

  

DILUTED:

            

Net Earnings

    $ 6,653       $ 895       $ 6,154       $ 482   

Weighted average common shares outstanding

      13,466         7,344         13,546         7,468   

Dilutive effect of warrants

      961         0         1,029         0   

Dilutive effect of stock options

      129         0         143         14   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total common shares and dilutive potential common shares

      14,556         7,344         14,718         7,482   

Diluted earnings per share

    $ 0.46       $ 0.12       $ 0.42       $ 0.06   
  

 

 

     

 

 

     

 

 

     

 

 

  

Anti-dilutive options to purchase 94,633 and 580,900 shares of common stock with respective weighted-average exercise prices of $13.73 and $4.70 were outstanding at June 30, 2013 and 2012, 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 94,683 and 428,286 shares of common stock with respective weighted-average exercise prices of $13.73 and $6.05 were outstanding at June 30, 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.