Net Income (Loss) Per Common Share

12 Months Ended

Dec. 31, 2011

Net Income (Loss) Per Common Share [Abstract]

NET INCOME (LOSS) PER COMMON SHARE

9. NET INCOME (LOSS) PER COMMON SHARE

Information with respect to the calculation of basic and diluted net income (loss) per common share is presented below:

	2011			2010			2009
Basic net income per common share
Net income from continuing operations	$	1,384,000		$	3,963,000		$	1,880,000
Preferred stock dividends		(344,000	)		(344,000	)		(344,000	)
Net income from continuing operations for common stock		1,040,000			3,619,000			1,536,000
Discontinued operations:
Operating income (loss), net of taxes		(17,000	)		344,000			721,000
Loss on disposal and impairment, net of taxes		—			(458,000	)		—
Income (loss) from discontinued operations		(17,000	)		(114,000	)		721,000
Net income for common stock	$	1,023,000		$	3,505,000		$	2,257,000
Basic weighted average common shares outstanding		5,774,000			5,732,000			5,678,000
Basic net income per common share:
Net income from continuing operations	$	0.18		$	0.63		$	0.27
Income (loss) from discontinued operations		—			(0.02	)		0.13
Basic net income per common share	$	0.18		$	0.61		$	0.40

	2011			2010			2009
Diluted net income per common share
Net income from continuing operations for common stock
	$	1,040,000		$	3,619,000		$	1,536,000
Discontinued operations:
Operating income, net of taxes		(17,000	)		344,000			721,000
Loss on disposal and impairment, net of taxes		—			(458,000	)		—
Income (loss) from discontinued operations operations		(17,000	)		(114,000	)		721,000
Net income for common stock	$	1,023,000		$	3,505,000		$	2,257,000
Basic weighted average common shares outstanding		5,774,000			5,732,000			5,678,000
Incremental shares from assumed exercise of options, SoSARs and Restricted Stock Units		132,000			122,000			119,000
Diluted weighted average common shares outstanding		5,906,000			5,854,000			5,797,000
Diluted net income per common share
Net income from continuing operations	$	0.18		$	0.62		$	0.26
Net income (loss) from discontinued operations operations		(0.01	)		(0.02	)		0.13
Diluted net income per common share	$	0.17		$	0.60		$	0.39

The dilutive effects of the Company’s stock options and Restricted Share Units are included in the computation of diluted income per common share during the periods they are considered dilutive.

The following table reflects the weighted average outstanding SOSARs and Options that were excluded from the computation of diluted earnings per share, as they would have been anti-dilutive:

	2011		2010		2009
SOSARs/Options Excluded		202,000		323,000		228,000