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Earnings (Loss) Per Share
 9 Months Ended
Sep. 30, 2012
Earnings (Loss) Per Share [Abstract]  
Earnings (Loss) Per Share
Note 3 – Earnings (Loss) Per Share

Basic earnings per share are computed by dividing net income (loss) by the weighted average shares outstanding for the period. Diluted earnings per share are computed by dividing net income (loss) by the weighted average number of common shares, including common stock equivalent shares (stock options) outstanding for the period. There were no reconciling items to net income (loss) to arrive at income available to common stockholders.

The following table details the computation of basic and diluted earnings (loss) per common share:

 
Three Months Ended September 30,
 
 
Nine Months Ended
September 30,
 
 
2012
 
 
2011
 
 
2012
 
 
2011
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss)
 
$
(2,213
)
 
$
8,086
 
 
$
(5,316
)
 
$
14,837
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average shares – Basic
 
 
25,980
 
 
 
25,771
 
 
 
25,876
 
 
 
25,830
 
Effect of dilutive stock options
 
 
--
 
 
 
205
 
 
 
--
 
 
 
341
 
Adjusted weighted average shares and assumed conversions - Diluted
 
 
25,980
 
 
 
25,976
 
 
 
25,876
 
 
 
26,171
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic earnings (loss) per common share
 
$
(0.09
)
 
$
0.31
 
 
$
(0.21
)
 
$
0.57
 
Diluted earnings (loss) per common share
 
$
(0.09
)
 
$
0.31
 
 
$
(0.21
)
 
$
0.57
 

Since the Company was in a net loss position for the three and nine-month periods ended September 30, 2012, there was no difference between the number of shares used to calculate basic and diluted loss per share for those periods. There were 122 and 131 potentially dilutive stock options not included in the diluted per share calculation for the three and nine-month periods ended September 30, 2012, respectively, because they would be anti-dilutive. In addition, the following table presents the potentially dilutive outstanding stock options excluded from the computation of diluted earnings per share for each period because they would be anti-dilutive:

 
Three Months Ended
September 30,
 
 
Nine Months Ended
September 30,
 
 
2012
 
 
2011
 
 
2012
 
 
2011
 
 
 
 
 
 
 
 
 
 
 
 
 
Anti-dilutive options
 
 
1,531
 
 
 
1,046
 
 
 
1,516
 
 
 
435
 
Exercise price range
 
$
11.71--21.08
 
 
$
12.02--21.08
 
 
$
11.71--21.08
 
 
$
12.02--21.08