Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

5. Earnings Per Share

The Company calculates its earnings per share in accordance with ASC 260-10, “Earnings Per Share.” There were 50,611,879 and 51,637,365 weighted average shares outstanding for the three months ended June 30, 2011 and 2010, respectively, and 50,611,879 and 52,912,140 weighted average shares outstanding for the six months ended June 30, 2011 and 2010, respectively. In addition, there were 55,000 and 60,000 weighted average shares related to stock options exercisable for the three months ended June 30, 2011 and 2010, respectively, and 56,648 and 62,486 weighted average shares related to stock options exercisable for the six months ended June 30, 2011 and 2010, respectively, that were not included in the computation of diluted earnings per share because to do so would have been antidilutive as the Company has a net loss for each period presented.

On April 26, 2010, the Company purchased 3,589,201 shares of its outstanding common stock from Everest Special Situations Fund L.P., formerly the Company’s second largest shareholder, for $1,256,220. The shares are held by the Company as treasury stock resulting in 50,611,879 shares outstanding at June 30, 2011 and December 31, 2010.