Earnings (Loss) Per Share

3 Months Ended

Mar. 31, 2012

Earnings (Loss) Per Share [Abstract]

Earnings (Loss) Per Share

4. Earnings (Loss) Per Share

As of March 31, 2012 and 2011, the Company only had one issued and outstanding class of stock — common stock. As a result, the basic earnings (loss) per share for the three months ended March 31, 2012 and 2011 is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period.

The following table provides a reconciliation of the denominators of the Company’s reported basic and diluted earnings per share computation for the three months ended March 31, 2012 and 2011, respectively:

	For the Three Months Ended
	March 31,
	2012		2011
	(As Restated)
Weighted number of common shares — basic		11,869,648		9,199,205
Common stock equivalents		—		25,539
Weighted number of common and common equivalent shares — diluted		11,869,648		9,224,744

The computed loss per share does not assume conversion, exercise, or contingent exercise of securities that would have an anti-dilutive effect on loss per share. As the Company was in a net loss position for the three month ended March 31, 2012, all common stock equivalents in that period were anti-dilutive.

The following represents issuable weighted average share information for the respective periods:

	For the Three Months Ended
	March 31,
	2012		2011
Common stock options		33,343		24,372
Common stock warrants		80,097		883
Unvested restricted stock		485		284
Total common stock equivalents		113,925		25,539

In addition, common stock options and unvested restricted stock of 415,476 and 307, respectively, were excluded from the calculation of net earnings (loss) per share, as inclusion of such shares would be antidilutive due to exercise prices or value of proceed shares exceeding the average market price of the Company’s common stock during the three months ended March 31, 2012. Common stock options, common stock warrants and unvested restricted stock of 547,401, 304,500 and 8,187, respectively, were excluded from the calculation of net income per share, as inclusion of such shares would be antidilutive due to exercise prices or value of proceed shares exceeding the average market price of the Company’s common stock during the three months ended March 31, 2011.