NET INCOME (LOSS) PER COMMON SHARE

3 Months Ended

Mar. 31, 2012

Earnings Per Share

Earnings Per Share [Text Block]

NOTE 2.  NET INCOME (LOSS) PER COMMON SHARE

Net income (loss) per common share is computed based on the weighted-average number of common shares outstanding and, when appropriate, dilutive common stock equivalents outstanding during the period.  Stock options are considered to be common stock equivalents.  The computation of diluted net income (loss) per common share does not assume exercise or conversion of securities that would have an anti-dilutive effect.

Basic net income (loss) per common share is the amount of net income (loss) for the period available to each weighted-average share of common stock outstanding during the reporting period. Diluted net income (loss) per common share is the amount of net income (loss) for the period available to each weighted-average share of common stock outstanding during the reporting period and to each common stock equivalent outstanding during the period, unless inclusion of common stock equivalents would have an anti-dilutive effect.

The reconciliations between the basic and diluted weighted-average number of common shares outstanding for the three and nine months ended March 31, 2012 and 2011 are as follows:

	Three Months Ended				Nine Months Ended
	March 31				March 31
	2012		2011		2012		2011
Basic weighted-average number of common shares outstanding during the period		12,798,221		13,419,612		12,850,947		13,413,636
Weighted-average number of dilutive common stock options outstanding during the period		-		37,871		-		14,702
Diluted weighted-average number of common and common equivalent shares outstanding during the period		12,798,221		13,457,483		12,850,947		13,428,338

Outstanding options for common shares not included in the computation of diluted net income (loss) per common share, because they were anti-dilutive, for the three months ended March 31, 2012 and 2011 totaled 829,375 and 781,120, respectively, and for the nine months ended March 31, 2012 and 2011 totaled 718,046 and 868,178, respectively.