Basic and Diluted Earnings Per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Basic and Diluted Earnings Per Share

13. Basic and Diluted Earnings Per Share

Basic and diluted earnings per common share are calculated based on the weighted average number of shares outstanding during the period. The Company’s employee and director stock option awards, as well as incremental shares issuable upon exercise of warrants, are not considered in the calculations if the effect would be anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2012		2011		2012		2011
Numerator:
Earnings from continuing operations	$	213	$	283	$	1,944	$	1,883
Denominator:
Weighted average basic shares outstanding		5,907		5,907		5,907		5,907
Effect of dilutive securities -- equity based compensation plans		8		-		3		-
Net dilutive effect of warrants outstanding		-		75		-		66
Denominator for diluted earnings per common share		5,915		5,982		5,910		5,973
Earnings  from continuing operations per common share:
Basic	$	0.04	$	0.05	$	0.33	$	0.32
Diluted	$	0.04	$	0.05	$	0.33	$	0.32
Anti-dilutive securities (excluded from per share calculation):
Equity based compensation plans		118		60		118		110
Warrants		640		410		640		410