Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

14. Earnings (Loss) Per Share

Basic earnings (loss) per share are calculated by dividing net income by the weighted average shares outstanding during the period, which includes shares of restricted stock that are fully vested. Diluted earnings (loss) per share are computed similarly to basic earnings (loss) per share, except that the weighted average shares outstanding are increased to include equivalents, when their effect is dilutive. In periods of net loss, all potentially dilutive shares are considered anti-dilutive and are excluded from the calculation.

The following table sets forth the computation of basic and diluted earnings (loss) per share for the years ended December 31 (in thousands except per share amounts):

		September 30,		September 30,			September 30,
	2011		2010			2009
Basic earnings (loss) per share:
Net income (loss)	$	506	$	(930	)	$	5,456
Weighted average shares outstanding		9,654		9,604			9,706
Basic earnings (loss) per share	$	0.05	$	(0.10	)	$	0.56
Diluted earnings (loss) per share:
Net income (loss)	$	506	$	(930	)	$	5,456
Weighted average shares outstanding		9,654		9,604			9,706
Incremental shares attributable to the assumed exercise of outstanding stock options		25		N/A			56
Weighted average shares and equivalents		9,679		9,604			9,762
Diluted earnings (loss) per share	$	0.05	$	(0.10	)	$	0.56

For the years ended December 31, 2011 and 2009, 1,023,080 and 2,313,723 shares of common stock, respectively, were outstanding but not included in the computation of diluted earnings per share because their effect would have been anti-dilutive. For the year ended December 31, 2010 all common stock equivalents, or 2,020,711 shares, were excluded in the computation of diluted loss per share because their effect would have been anti-dilutive due to the net loss during the year. These excluded shares related to potentially dilutive securities primarily associated with stock options granted by the Company pursuant to its equity plans.