EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2012

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 8—EARNINGS PER SHARE

        Basic net income per share is computed by dividing net income for the period by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income for the period by the weighted average number of shares of common stock and potentially dilutive common stock outstanding during the period. The dilutive effect of outstanding options and restricted stock is reflected in diluted net income per share by application of the treasury stock method. The calculation of diluted net income per share excludes all anti-dilutive shares.

        The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2012 and 2011:

	2012						2011
	Basic			Diluted			Basic			Diluted
Numerator:
Loss from continuing operations	$	(2,249	)	$	(2,249	)	$	(49,710	)	$	(49,710	)
Income (loss) from discontinued operations, net of tax	$	48,874		$	48,874		$	(9,793	)	$	(9,793	)
Net income (loss) attributable to common shareholders	$	46,625		$	46,625		$	(59,503	)	$	(59,503	)
Denominator:
Weighted average common shares		11,313			11,313			10,995			10,995
Income (Loss) per Share:
Loss from continuing operations	$	(0.20	)	$	(0.20	)	$	(4.52	)	$	(4.52	)
Income (loss) from discontinued operations, net of tax	$	4.32		$	4.32		$	(0.89	)	$	(0.89	)
Net income (loss) per common share	$	4.12		$	4.12		$	(5.41	)	$	(5.41	)

        For the years ended December 31, 2012 and 2011, we had losses from continuing operations and, as a result, no potentially dilutive securities were included in the denominator for computing dilutive earnings per share because the impact would have been anti-dilutive. Accordingly, the weighted average basic shares outstanding were used to compute all earnings per share amounts. For the years ended December 31, 2012 and 2011, approximately 0.6 million and 0.1 million shares, respectively, related to potentially dilutive securities were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.

        See Note 3 for a full description of outstanding equity awards.

Common Stock Repurchases

        On January 11, 2010, our board of directors authorized the repurchase of up to $10 million of our common stock. During 2010, we purchased 810,922 shares of our common stock for aggregate consideration of $5.7 million. During 2012, we purchased 65,218 shares of our common stock for aggregate consideration of $0.9 million. At December 31, 2012, we had approximately $3.4 million remaining in our share repurchase authorization.

        We made no stock repurchases in 2011.

Special Dividend

        On December 6, 2012, the Company announced a special cash dividend of $1.00 per share. The dividend was paid on December 26, 2012 to shareholders of record on December 17, 2012. The total amount of the dividend was approximately $12.2 million and has been presented as a reduction of additional paid in capital.