Note 17 - (Loss) Earnings Per Share

9 Months Ended

Sep. 30, 2011

NOTE 17 – (LOSS) EARNINGS PER SHARE

Basic (loss) earnings per share is computed based on the weighted average number of shares of Common Stock outstanding during the period. Diluted (loss) earnings per share is computed by adjusting the weighted average number of shares of Common Stock outstanding by Common Stock equivalents attributable to dilutive stock options and restricted stock. The computation of diluted (loss) earnings per share does not assume conversion, exercise, or contingent issuance of securities that would have an antidilutive effect on (loss) earnings per share.

The following table sets forth the computation of basic and diluted (loss) earnings per share:

	(in thousands, except per share amounts)
	Three Months Ended					Nine Months Ended
	September 30,					September 30,
	2011			2010		2011			2010
Numerator:
Net (loss) income	$	(4,305	)	$	586	$	(6,423	)	$	(1,510	)
Denominator:
Denominator for basic (loss) earnings per share – weighted average shares		10,294			10,297		10,304			10,294
Effect of dilutive securities:
Employee stock options and restricted stock		0			15		0			0
Denominator for diluted (loss) earnings per share – adjusted weighted average shares and assumed conversions		10,294			10,312		10,304			10,294
Basic (loss) earnings per share	$	(0.42	)	$	0.06	$	(0.62	)	$	(0.15	)
Diluted (loss) earnings per share	$	(0.42	)	$	0.06	$	(0.62	)	$	(0.15	)
Weighted average anti-dilutive employee stock options and restricted stock		167			101		140			123