Loss Per Common Share

3 Months Ended

Jun. 30, 2011

Loss Per Common Share

Loss Per Common Share

(13) Loss Per Common Share

Basic earnings per share is computed by dividing income or loss available to common stockholders by the weighted average number of common shares outstanding during the periods presented.  Diluted earnings per share is computed by dividing income or loss available to common stockholders by all outstanding and potentially dilutive shares during the periods presented, unless the effect is antidilutive.  At June 30, 2011 and 2010, respectively, common shares issued under the Stock Bonus Plan but not yet earned totaling 62,199 and 98,929 were being held by the Company.  For the quarters ended June 30, 2011 and 2010 respectively, 2,416 and 23,809 shares, were potentially includable in the calculation of diluted loss per share under the treasury stock method but some were not included, because to do so would be antidilutive.  At June 30, 2011 and 2010, options to purchase 2,963,943 and 2,634,908 shares of common stock, respectively, were outstanding.  For the quarter ended June 30, 2011 and 2010, respectively, options for 1,709,712 and 703,691 shares were not included in the computation of diluted loss per share because the option exercise price was greater than the average market price of the common stock.  In-the-money options and warrants determined under the treasury stock method to acquire 122,938 shares and 568,444 shares of common stock for the quarters ended June 30, 2011 and 2010, respectively, were potentially includable in the calculation of diluted loss per share but were not, because to do so would be antidilutive.