Net (loss) per common share

9 Months Ended

Sep. 30, 2011

Net (loss) income per common share [Abstract]

Note 7 – Net income (loss) per common share

Basic net income (loss) per share was determined by dividing net income (loss) by the weighted average common shares outstanding during the period. Diluted net income (loss) per share was determined by dividing net income (loss) by the diluted weighted average shares outstanding. Diluted weighted average shares reflect the dilutive effect, if any, of stock options, stock appreciation rights (“SARs”), restricted stock, and warrants based on the treasury stock method.

A reconciliation of basic and diluted shares for the three and nine months ended September 30, 2011 and 2010 is as follows:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
Basic weighted average number of shares outstanding		18,700,253		18,561,877		18,688,202		18,539,847
Potential common shares pursuant to stock options, SARs, restricted stock awards and warrants		116,154		-		292,755		-
Diluted weighted average number of shares outstanding		18,816,407		18,561,877		18,980,957		18,539,847

For the three months ended September 30, 2011 and 2010, approximately 3.0 million and 2.5 million, respectively, and for the nine months ended September 30, 2011 and 2010, approximately 2.5 million and 2.9 million, respectively, weighted average options, stock-settled stock appreciation rights, warrants, and restricted stock awards to purchase shares of our common stock were excluded from the computation of diluted earnings per share because the effect of including the options, stock-settled stock appreciation rights, warrants, and restricted stock awards would have been antidilutive.