NOTE 14 - EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Text Block]

14. EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted average common shares outstanding for the period. Diluted earnings (loss) per share reflect the potential dilution that could occur if options or other contracts to issue common stock were exercised and converted into common stock.

There was no difference in the numerator used in the calculation of basic earnings (loss) per share and diluted earnings (loss) per share, and there was no difference in the denominator used in the calculation of basic earnings (loss) per share and diluted earnings (loss) per share in 2012, 2011 and 2010 (in thousands except earnings (loss) per share data):

	December 31,
	2012		2011		2010
Calculation of basic earnings (loss) per share:
Numerator - net income (loss)	$	6,290	$	3,047	$	(24,915	)
Denominator -
Weighted average common shares outstanding		6,834		6,833		3,881
Basic earnings (loss) per share	$	0.92	$	0.45	$	(6.42	)
Calculation of diluted (loss) earnings per share:
Numerator - net income (loss)	$	6,290	$	3,047	$	(24,915	)
Denominator -
Weighted average common shares outstanding		6,834		6,833		3,881
Dilutive effect of outstanding options		1		—		—
Weighted average common shares outstanding and common stock equivalents		6,835		6,833		3,881
Diluted earnings (loss) per share	$	0.92	$	0.45	$	(6.42	)

Stock options for 247,822, 183,070 and 152,095 shares of common stock were not considered in computing diluted earnings per common share for 2012, 2011 and 2010, respectively, because they were antidilutive.