Income (Loss) per Common Share

6 Months Ended

Jun. 30, 2011

Income (Loss) per Common Share [Abstract]

Income (Loss) per Common Share

6.	Income (Loss) per Common Share:
	Basic income (loss) per common share is computed using the weighted-average number of common shares outstanding during each period. Diluted income (loss) per common share reflects the effect of the Company’s outstanding convertible preferred stock and stock options except where such items would be antidilutive.

A reconciliation of weighted-average shares used for the basic computation and that used for the diluted computation is as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
Weighted-average shares for basic		4,818,415		4,816,484		4,818,415		4,815,252
Dilutive effect of convertible preferred stock and stock options		73,028		70,234		—		—
Weighted-average shares for diluted		4,891,443		4,886,718		4,818,415		4,815,252

Preferred Stock convertible into 64,000 shares of common stock at the rate of 100 shares of common stock for each one share of Preferred Stock was outstanding for the three and six-month periods ended June 30, 2011 and 2010. In addition, options to purchase 58,617 and 55,952 shares of common stock were outstanding for the six-month periods ended June 30, 2011 and 2010, respectively. These common stock equivalents were not included in the computation of the diluted loss per share for these six-month periods because their effect would be antidilutive.

Options to purchase 50,855 and 51,310 shares of common stock were outstanding for the three-month period ended June 30, 2011 and 2010, respectively.