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EARNINGS PER SHARE
9 Months Ended
Sep. 30, 2011
EARNINGS PER SHARE 
EARNINGS PER SHARE

NOTE 12.  EARNINGS PER SHARE

 

The computation of earnings per share is as follows:

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2011

 

 

2010

 

 

2011

 

 

2010

 

 

 

(in thousands except per share data)

 

Basic earnings (loss) per share computation:

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

$

4,250

 

 

$

(1,198)

 

 

$

8,744

 

 

$

(7,158)

 

Earnings allocated to participating awards

 

56

 

 

1

 

 

120

 

 

3

 

Net earnings (loss) applicable to common shareholders

 

$

4,194

 

 

$

(1,199)

 

 

$

8,624

 

 

$

(7,161)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average common shares outstanding

 

11,467

 

 

11,409

 

 

11,461

 

 

11,409

 

Basic earnings (loss) per share

 

$

0.37

 

 

$

(0.11)

 

 

$

0.75

 

 

$

(0.63)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings (loss) per share computation:

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss)

 

$

4,250

 

 

$

(1,198)

 

 

$

8,744

 

 

$

(7,158)

 

Earnings allocated to participating awards

 

56

 

 

1

 

 

120

 

 

3

 

Net earnings (loss) applicable to common shareholders

 

$

4,194

 

 

$

(1,199)

 

 

$

8,624

 

 

$

(7,161)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

11,467

 

 

11,409

 

 

11,461

 

 

11,409

 

Assumed exercise of stock options

 

25

 

 

-

 

 

26

 

 

-

 

Assumed satisfaction of restricted stock conditions

 

1

 

 

-

 

 

-

 

 

-

 

Assumed satisfaction of performance share conditions

 

40

 

 

-

 

 

40

 

 

-

 

Weighted-average diluted shares outstanding

 

11,533

 

 

11,409

 

 

11,527

 

 

11,409

 

Diluted earnings (loss) per share

 

$

0.36

 

 

$

(0.11)

 

 

$

0.75

 

 

$

(0.63)

 

 

For the three months ended September 30, 2011 and 2010, 186,753 and 161,419 shares, respectively, of certain stock-based awards were excluded from the calculation of diluted earnings per share as they were anti-dilutive. For the nine months ended September 30, 2011 and 2010, 175,225 and 141,380 shares, respectively, of certain stock-based awards were excluded from the calculation of diluted earnings per share as they were anti-dilutive.