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EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2011
EARNINGS PER SHARE  
EARNINGS PER SHARE

NOTE 11.  EARNINGS PER SHARE

 

The computation of earnings per share is as follows:

 

 

 

Three months ended
June 30,

 

Six months ended
June 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

 

 

(in thousands except per share data)

 

Basic earnings (loss) per share computation:

 

 

 

 

 

 

 

 

 

Net earnings (loss) 

 

$

3,113

 

$

(774)

 

$

4,494

 

$

(5,960)

 

Earnings allocated to participating awards

 

49

 

1

 

70

 

2

 

Net earnings (loss) applicable to common shareholders

 

$

3,064

 

$

(775)

 

$

4,424

 

$

(5,962)

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

11,467

 

11,409

 

11,459

 

11,409

 

Basic earnings (loss) per share

 

$

  0.27

 

$

    (0.07)

 

$

  0.39

 

$

    (0.52)

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per share computation:

 

 

 

 

 

 

 

 

 

Net earnings (loss) 

 

$

3,113

 

$

(774)

 

$

4,494

 

$

  (5,960)

 

Earnings allocated to participating awards

 

49

 

1

 

70

 

2

 

Net earnings (loss) applicable to common shareholders

 

$

3,064

 

$

(775)

 

$

4,424

 

$

  (5,962)

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

11,467

 

11,409

 

11,459

 

11,409

 

Assumed exercise of stock options

 

28

 

-

 

27

 

-

 

Assumed satisfaction of restricted stock award  conditions

 

-

 

-

 

-

 

-

 

Assumed satisfaction of performance share incentive conditions

 

-

 

-

 

-

 

-

 

Weighted average common shares outstanding

 

11,495

 

11,409

 

11,486

 

11,409

 

Diluted earnings (loss) per share

 

$

  0.27

 

$

    (0.07)

 

$

  0.39

 

$

    (0.52)

 

 

 

For the three months ended June 30, 2011 and 2010, 213,536 and 152,203 shares, respectively, of certain stock-based awards were excluded from the calculation of diluted earnings per share as they were anti-dilutive. For the six months ended June 30, 2011 and 2010, 209,721 and 131,361 shares, respectively, of certain stock-based awards were excluded from the calculation of diluted earnings per share as they were anti-dilutive.