Income per Share

9 Months Ended

Sep. 30, 2011

Note 9 – Income (Loss) Per Share

The computation of basic income (loss) per common share is calculated by dividing the net income or loss by the weighted average number of shares of the Company’s common stock outstanding, as follows:

	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2011			2010		2011		2010
(in thousands, except per share)
Income from continuing operations, net of tax	$	7,818		$	5,395	$	23,679	$	8,595
Weighted average number of common shares outstanding		12,647			12,179		12,525		12,179
Income from continuing operations, net of tax per common share	$	0.62		$	0.44	$	1.89	$	0.71
Discontinued operations	$	(796	)	$	642	$	4,927	$	1,005
Weighted average number of common shares outstanding		12,647			12,179		12,525		12,179
Discontinued operations per common share	$	(0.07	)	$	0.05	$	0.39	$	0.08
Net income	$	7,022		$	6,037	$	28,606	$	9,600
Weighted average number of common shares outstanding		12,647			12,179		12,525		12,179
Net income per common share	$	0.55		$	0.49	$	2.28	$	0.79

Diluted earnings per share gives effect to dilutive potential common shares outstanding during the period. The Company had potentially dilutive common share equivalents including stock options and other stock-based incentive compensation arrangements during the three and nine month periods ended September 30, 2011 and 2010, although none were dilutive because the $90.00 per share exercise price of such equivalents exceeded the market value of the Company’s common stock during those periods. The market value of the Company’s common stock averaged $13.75 and $12.79 during the three and nine month periods ended September 30, 2011, respectively. As of September 30, 2011, stock options for an aggregate of 52,300 shares are excluded from the calculation of net income per share.