Earnings Per Common Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

Basic net income per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding for the reporting periods. Diluted net income available to common shareholders per common share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. The numerators of the basic net income per common share computations are the same as the numerators of the diluted net income per common share computations for all the periods presented. Weighted average shares outstanding for the quarter ended March 31, 2012 excludes 119,669 shares of unvested restricted stock. Weighted average shares outstanding for the quarter ended March 31, 2011 excludes 161,334 shares of unvested restricted stock. A reconciliation of the denominator of the basic net income per common share computations to the denominator of the diluted net income per common share computations is as follows:

	Three Months Ended
	March 31,
	2012	2011
Basic EPS denominator:
Weighted average number of common shares outstanding	19,378,198	16,130,529
Dilutive effect arising from assumed exercise of stock options	—	—
Diluted EPS denominator	19,378,198	16,130,529

For the quarter ended March 31, 2012 and 2011, net income (loss) for determining net income (loss) per common share was reported as net income (loss) less the dividend on preferred stock. During the quarter ended March 31, 2012, there were 265,694 warrants and stock options that were not considered dilutive because the exercise prices exceeded the average market price per share. These non-dilutive shares had exercise prices ranging from $3.84 to $19.07 per share. Unvested shares of restricted stock and all other common stock equivalents were excluded from the determination of diluted earnings (loss) per share for the quarter ended March 31, 2012 and March 31, 2011 due to the Company's loss position for that period.