EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

NOTE 10 — EARNINGS PER SHARE

Basic income per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding. Diluted earnings per share reflect, in periods with earnings and in which they have a dilutive effect, the effect of common shares issuable upon exercise of stock options, warrants, and convertible securities.

The table below details the calculations of earnings per share (in thousands, except for share amounts):  

	Three Months Ended June 30,						Six Months Ended June 30,
	2012			2011			2012			2011
Numerator for basic and diluted EPS – loss available to common stockholders	$	(501	)	$	(577	)	$	(751	)	$	(113	)
Denominator for basic EPS – weighted average shares		18,949,666			18,687,822			18,853,013			18,464,801
Effect of dilutive securities		-			-			-			-
Denominator for diluted EPS – weighted average shares		18,949,666			18,687,822			18,853,013			18,464,801
Earnings (loss) per share: basic and diluted	$	(0.03	)	$	(0.03	)	$	(0.04	)	$	(0.01	)

The table below details the anti-dilutive items that were excluded in the computation of earnings per share (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Class Z warrants		-		12,090		-		12,090
Convertible notes		-		-		-		-
BIA warrant		698		635		698		635
Plexus warrant		535		-		535		-
Stock options		1,419		1,088		1,419		1,088
Totals		2,652		13,813		2,652		13,813

On April 10, 2012, the Class Z warrants expired. No Class Z warrants were exercised to purchase common stock.