EARNINGS (LOSS) PER SHARE

12 Months Ended

Dec. 31, 2011

EARNINGS (LOSS) PER SHARE

NOTE 17 -   EARNINGS (LOSS) PER SHARE

Diluted loss per share was the same as basic loss per share for the year ended December 31, 2011 as any potential impact from the outstanding stock option awards and preferred shares were anti-dilutive.

At December 31, 2011, options to purchase 940,000 shares of common stock at a weighted average exercise price of $9.75 per share were outstanding but were not included in the computation of diluted earnings per share, as the options’ exercise price was greater than the average market price of the common shares.