Net loss per common share

3 Months Ended

Mar. 31, 2012

Net loss per share:

Net loss per common share

Note 8 – Net loss per common share

Basic net loss per share was determined by dividing net loss by the weighted average common shares outstanding during the period.  Diluted net loss per share was determined by dividing net 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”) and restricted stock awards (“RSAs”) based on the treasury stock method.

A reconciliation of basic and diluted shares for the three months ended March 31, 2012 and 2011 is as follows:

	Three Months Ended
	March 31,
	2012		2011
Basic weighted average number of shares outstanding		18,858,464		18,652,038
Potential common shares pursuant to stock options, SARs, restricted stock awards and warrants		-		-
Diluted weighted average number of shares outstanding		18,858,464		18,652,038

For the three months ended March 31, 2012 and 2011, 2.6 million and 1.0 million, respectively, weighted average stock options, SARs, and RSAs to purchase shares of our common stock were excluded from the computation of diluted earnings per share because the effect of including the options, SARs and RSAs would have been antidilutive.