EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2012

EARNINGS PER SHARE

EARNINGS PER SHARE

Note 19.  EARNINGS PER SHARE

The following table shows the calculation of both basic and diluted earnings per common share for the years ended December 31, 2012, 2011 and 2010:

	Year Ended December 31,
(in thousands, except share data)	2012			2011			2010
Net loss	$	(13,711	)	$	(335	)	$	(31,720	)
Basic weighted-average number of common shares outstanding	16,442,160			16,439,508			16,354,245
Plus: Common share equivalents	—			—			—
Diluted weighted-average number of common shares outstanding	16,442,160			16,439,508			16,354,245
Loss per common share:
Basic	$	(0.83	)	$	(0.02	)	$	(1.94	)
Diluted	$	(0.83	)	$	(0.02	)	$	(1.94	)

Common share equivalents, in the table above, exclude stock options with exercise prices that exceed the average market price of the Company’s common shares during the periods presented.  Inclusion of these stock options would be anti-dilutive to the diluted earnings per common share calculation.  Antidilutive stock options equaled 129,170 shares, 188,193 shares, and 222,616 shares for the years ended December 31, 2012, 2011, and 2010, respectively.