Note 2 - Income (Loss) Per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Text Block]

Note 2.         Income (Loss) Per Share

Basic income (loss) per share excludes dilution and is computed by dividing earnings available to common stockholders by the weighted-average number of common shares outstanding for the period.  Diluted income (loss) per share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in our earnings.  The calculation of diluted income (loss) per share for the three and nine months ended September 30, 2012 and 2011 excludes all unexercised options and approximately 69,678 and 167,311 unvested shares, respectively, since the effect of any assumed exercise of the related awards would be anti-dilutive.

The following table sets forth for the periods indicated the calculation of net income (loss) per share included in the consolidated condensed statements of operations:

	Three Months ended September 30,					Nine Months ended September 30,
	2012		2011			2012		2011
	(in thousands except per share data)
Numerator:
Net income (loss)	$	1,002	$	(11,213	)	$	4,612	$	(12,022	)
Denominator:
Denominator for basic earnings per share – weighted - average shares		14,757		14,719			14,737		14,678
Effect of dilutive securities:
Equivalent shares issuable upon conversion of unvested restricted stock		50		-			36		-
Equivalent shares issuable upon conversion of unvested employee stock options		-		-			-		-
Denominator for diluted earnings per share – adjusted weighted-average shares and assumed conversions		14,807		14,719			14,773		14,678
Basic income (loss) per share:	$	0.07	$	(0.76	)	$	0.31	$	(0.82	)
Diluted income (loss) per share:	$	0.07	$	(0.76	)	$	0.31	$	(0.82	)