Earnings (Loss) Per Share

3 Months Ended

Jun. 30, 2011

Earnings (Loss) Per Share

3. Earnings (Loss) Per Share

Basic earnings (loss) per share for the three-month periods ended June 30, 2011 and 2010 were computed on the basis of the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options, restricted stock and warrants.

Basic and diluted weighted average shares outstanding were as follows:

	Three Months Ended June 30,
	2011		2010
Weighted average common shares		30,812,257		30,767,585
Dilutive common stock options		—		158,511
Weighted average common shares, assuming dilution		30,812,257		30,926,096

At June 30, 2011, there were outstanding options to purchase 2,573,800 shares of the Company’s common stock at a weighted average exercise price of $4.14 per share. All such outstanding options have been excluded from the calculation of diluted earnings per share because their effect would be anti-dilutive.

At June 30, 2010, there were outstanding options to purchase 2,199,650 shares of the Company’s common stock at a weighted average exercise price of $4.23 per share. For the three-month period ended June 30, 2010, 1,468,000 shares of the Company’s common stock were excluded from the calculation of diluted earnings per share because the exercise prices of the stock options were greater than or equal to the average price of the common shares, and were therefore anti-dilutive.