Net Loss Per Common Share

3 Months Ended

Mar. 31, 2013

Net Loss Per Common Share [Abstract]

Net Loss Per Common Share

(NOTE 4) – Net Loss Per Common Share:

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

	Three Months Ended
	March 31,
	2013		2012
Denominator:
Denominator for basic net loss per share - weighted-average common shares		4,487,000		4,646,000
Effect of dilutive securities:
Employee and directors stock options		-		-
Unearned portion of restricted stock awards		-		-
Denominator for diluted net loss per share - weighted-average common shares and assumed conversion		4,487,000		4,646,000

The numerator for basic and diluted net loss per share for the three month periods ended March 31, 2013 and 2012 is the net loss for each period.

During the three months ended March 31, 2013 and 2012, the Company had a net loss and therefore did not include 31,000 and 26,000 incremental common shares, respectively, in its calculation of diluted net loss per share since an inclusion of such securities would be anti-dilutive.

Options to purchase 95,000 and 163,000 shares of common stock were outstanding during the three months ended March 31, 2013 and 2012, respectively, but were not included in the computation of diluted loss 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 149,000 and 55,000 shares of common stock were outstanding during the three months ended March 31, 2013 and 2012, respectively, but were not included in the computation of basic loss per share. These shares were excluded because they represent the unvested portion of restricted stock awards.