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Net Income (Loss) per Share of Common Stock
 3 Months Ended
Mar. 31, 2012
Net Income per Share of Common Stock [Abstract]  
Net Income (Loss) per Share of Common Stock
Net Income (Loss) per Share of Common Stock

The following table sets forth the computation of basic and diluted earnings (loss) per share:
 
Three months ended March 31,
(dollars in thousands, except earnings per share)
2012
 
2011
Numerators for earnings per share —
 
 
 
—Net income (loss) that is available to common shareholders
$
641

 
$
(1,001
)
Denominator for basic earnings per share —
 
Weighted average shares outstanding
20,769,415

 
19,955,188

Effect of stock options and restricted stock units
414,942

 
—

Total effect of dilutive securities (1)
414,942

 
—

Denominator for diluted earnings per share —
 
 
 
—Adjusted weighted average shares and assumed conversions
21,184,357

 
19,955,188

Basic earnings (loss) per share
$
0.03

 
$
(0.05
)
Diluted earnings (loss) per share
$
0.03

 
$
(0.05
)
______________________________
(1) The effect of employee stock options, warrants and restricted stock units, 796,949 shares for the three months ended March 31, 2011, were anti-dilutive and thus not included in the earnings per share calculation. This amount would have been dilutive if not for the net loss.

When applicable, diluted shares outstanding include the dilutive impact of warrants and restricted stock units. Diluted shares also include the impact of in-the-money employee stock options, which are calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the tax-effected proceeds that hypothetically would be received from the exercise of all in-the-money options are assumed to be used to repurchase shares.