Net Income (loss) Per Common Share

9 Months Ended

Sep. 30, 2012

Net Income (loss) Per Common Share [Abstract]

Net Income (loss) Per Common Share

(NOTE 5) – Net Income (loss) Per Common Share:

The following table sets forth the computation of basic and diluted net income (loss) per common share:

	Nine Months Ended				Three Months Ended
	September 30,				September 30,
	2012		2011		2012		2011
Denominator:
Denominator for basic net income (loss) per share - weighted-average common shares		4,616,000		4,660,000		4,551,000		4,660,000
Effect of dilutive securities:
Employee and directors stock options		-		25,000		20,000		26,000
Unearned portion of restricted stock awards		-		8,000		-		7,000
Denominator for diluted net income (loss) per share - weighted-average common shares and assumed conversion		4,616,000		4,693,000		4,571,000		4,693,000

The numerator for basic and diluted net income (loss) per share for the nine and three month periods ended September 30, 2012 and 2011 is the net income (loss) for each period.

During the nine months ended September 30, 2012, the Company had a net loss and therefore did not include 24,000 incremental common shares in its calculation of diluted net loss per common share since an inclusion of such securities would be anti-dilutive.

Options to purchase 158,000 and 155,000 shares of common stock were outstanding during nine and three month periods ending September 30, 2012, respectively, and options to purchases 163,000 shares were outstanding during the comparable 2011 periods but were not included in the computation of diluted income (loss) per share. The inclusion of these options would have been anti-dilutive as the options' exercise prices were greater than the average market price of the Company's common shares during the relevant period.

Approximately 20,000 shares of outstanding common stock during the nine and three months ended September 30, 2012 and approximately 73,000 shares of outstanding common stock during the comparable periods in 2011 were not included in the computation of basic earnings per share. These shares were excluded because they represent the unearned portion of restricted stock awards.