EARNINGS (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

7. EARNINGS (LOSS) PER SHARE

The reconciliation of the numerators and denominators of the basic and diluted EPS is as follows:

	Three Months Ended						Six Months Ended
(Amounts in thousands,	June 30,						June 30,
except per share data)	2012			2011			2012			2011
Basic:
Net income/(loss)	$	(4,139	)	$	(11,904	)	$	(4,429	)	$	(13,974	)
Less:
Preferred stock dividends		(250	)		(250	)		(500	)		(500	)
Accretion on preferred stock discount		(13	)		(13	)		(27	)		(27	)
Net income (loss) available to common shareholders	$	(4,402	)	$	(12,167	)	$	(4,956	)	$	(14,501	)
Weighted average common shares		4,767			4,740			4,764			4,738
Diluted:
Weighted average common shares		4,767			4,740			4,764			4,738
Dilutive effect of stock options and warrants		-			-			-			-
Weighted average common and incremental shares		4,767			4,740			4,764			4,738
Earnings (Loss) Per Common Share:
Basic	$	(0.92	)	$	(2.57	)	$	(1.04	)	$	(3.06	)
Diluted	$	(0.92	)	$	(2.57	)	$	(1.04	)	$	(3.06	)

Stock options for 276,940 and 266,521 shares of common stock were not included in the June 30, 2012 and 2011 computation of diluted earnings per share for the quarter and year to date because their impact was anti-dilutive. Warrants to purchase 215,983 shares at June 30, 2012 and 2011 were not included in the computation because their impact was also anti-dilutive.