Earnings Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

5. 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 September 30:

	For the nine months ended September 30,				For the three months ended September 30,
(In thousands except earnings per share)	2013		2012		2013		2012
BASIC:
Net Earnings	$	7,380	$	1,379	$	727	$	484
Weighted average common shares outstanding		13,506		7,385		13,584		7,467
Basic earnings per share	$	0.55	$	0.19	$	0.05	$	0.07
DILUTED:
Net Earnings	$	7,380	$	1,379	$	727	$	484
Weighted average common shares outstanding		13,506		7,385		13,584		7,467
Dilutive effect of warrants		1,059		0		1,251		0
Dilutive effect of stock options		153		3		193		16
Total common shares and dilutive potential common shares		14,718		7,388		15,028		7,473
Diluted earnings per share	$	0.50	$	0.19	$	0.05	$	0.07

Anti-dilutive options to purchase 94,683 and 424,480 shares of common stock with respective weighted-average exercise prices of $13.73 and $5.54 were outstanding at September 30, 2013 and 2012, respectively, but were excluded from the computation of common share equivalents for each of the three and nine month periods, because the exercise prices were greater than the average market price of the common shares.