Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share Note [Abstract]

Earnings Per Share

7. Earnings per share is calculated in accordance with ASC Topic 260, which specifies the computation, presentation and disclosure requirements for earnings per share (EPS).  It requires the presentation of basic and diluted EPS.  Basic EPS excludes all dilution and is based upon the weighted average number of common shares outstanding during the period.  Diluted EPS reflects the potential dilution that would occur if securities or other contracts to issue common stock were exercised or converted into common stock.  For the three and six months ended June 30, 2011, 14,000 and 40,000, respectively, of incremental shares from the assumed exercise of stock options were not included in the computation of diluted earnings per share because of the anti-dilutive effect on earnings per share.

The following is a reconciliation of the weighted average shares outstanding for the basic and diluted EPS computations (in thousands, except per share data):

	For the three months ended June 30,
	2011			2010
Net income (loss)	$	(17,848	)	$	849
Basic:
Shares outstanding at beginning of period		14,934			14,752
Weighted average shares issued during the period		62			48
Weighted average common shares, basic		14,996			14,800
Earnings (loss) per common share, basic	$	(1.19	)	$	.06
Diluted:
Weighted average common shares, basic		14,996			14,800
Weighted average shares issued during the period	0				46
Dilutive impact of stock options and restricted stock awards	0				185
Weighted average common shares, diluted		14,996			15,031
Earnings (loss) per common share, diluted	$	(1.19	)	$	.06

	For the six months ended June 30,
	2011			2010
Net income (loss)	$	(17,444	)	$	1,431
Basic:
Shares outstanding at beginning of period		14,909			14,677
Weighted average shares issued during the period		51			74
Weighted average common shares, basic		14,960			14,751
Earnings (loss) per common share, basic	$	(1.17	)	$	.10
Diluted:
Weighted average common shares, basic		14,960			14,751
Weighted average shares issued during the period	0				71
Dilutive impact of stock options and restricted stock awards	0				171
Weighted average common shares, diluted		14,960			14,993
Earnings (loss) per common share, diluted	$	(1.17	)	$	.10