Note 13 - Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2011

Notes To Financial Statements

Earnings Per Share [Text Block]

13.   Earnings (Loss) Per Share

The Company calculates earnings (loss) per share (“EPS”) in accordance with FASB ASC 260-10 (FAS No. 128, “Earnings Per Share”).  Basic earnings (loss) per share is calculated using the average number of common shares outstanding.  Diluted earnings (loss) per share is computed on the basis of the average number of common shares outstanding plus the effect of dilutive outstanding stock options using the “treasury stock” method.  Diluted earnings (loss) per common share for 2009 and 2010 do not include the effects of 45,104 and 1,017 shares of restricted stock as the effect of their inclusion would be anti-dilutive.  As of January 1 2011, all shares of restricted stock were fully vested, as such there was no share exclusion to the common share calculation for 2011.  The convertible preferred stock and stock options are anti-dilutive, and as such, are excluded from diluted earnings per share calculations.

The following tables reconcile the weighted average shares used in the computation of basic and diluted EPS and income available to common stockholders for the income statement periods presented herein (in thousands):

	For the Years Ended December 31,
Weighted average shares outstanding	2009		2010		2011
Basic		7,202		7,214		7,215
Diluted		7,202		7,214		7,215

	2009			2010			2011
Income (loss) from operations	$	(67,779	)	$	1,161		$	(2,451	)
Preferred stock dividends		2,436			2,636			-
Loss available to common stockholders	$	(70,215	)	$	(1,475	)	$	(2,451	)