Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Earnings Per Share

3. Basic earnings (loss) per share for each period are computed using the weighted average number of common shares outstanding during such period. Unvested restricted shares are excluded from outstanding shares for purposes of this calculation. Diluted earnings per share are computed using the weighted average number of common and potentially dilutive securities outstanding during the period. Potentially dilutive securities consist of the incremental common shares issuable upon the exercise of outstanding stock options (using the treasury stock method). Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive. For the three months ended June 30, 2011, options to purchase 365,000 shares of common stock and 232,501 restricted shares were excluded from the computation of diluted earnings per share because (i) their respective exercise prices were greater than the average market price of the Company's common stock during these periods, or (ii) the inclusion, in the calculation of common stock equivalents under the Treasury method, of the unvested compensation expense attributable to those options or restricted shares would have been anti-dilutive. All of the Company's common shares issuable on exercise of stock options and all unvested restricted shares were excluded from the computation of diluted earnings per share in the six months ended June 30, 2011 because the Company incurred a loss in that period and, as a result, the inclusion of those securities would have been anti-dilutive. For the both the three and six months ended June 30, 2010, options to purchases 414,000 shares of common stock and 177,000 restricted shares were excluded from the computation of diluted earnings per share.

	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011			2010
	(In thousands)
Numerator
Net earnings (loss)	$	980	$	1,184	$	(59	)	$	1,206
Denominator
Weighted average shares outstanding		4,547		4,478		4,521			4,468
Dilutive effect of stock options		89		99		—			104
Denominator for diluted net income (loss) per share		4,636		4,577		4,521			4,572