Basic and Diluted Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 2011

Basic and Diluted Income (Loss) Per Common Share [Abstract]

Basic and Diluted Income (Loss) Per Common Share

3. Basic and Diluted Income (Loss) Per Common Share

Basic income (loss) per share is based on the weighted average number of outstanding common shares for the period. Diluted income (loss) per share adjusts the weighted average shares outstanding for the potential dilution that could occur if stock options or warrants were exercised into common stock. The number of common shares and common share equivalents used in the determination of basic and diluted income (loss) per share were as follows:

 

(in thousands, except for share amounts)	Three months ended					Nine months ended
	September 30,					September 30,
	2011		2010			2011		2010
Numerator:
Net income (loss)	$	858	$	(548	)	$	1,627	$	271
Denominator:
Weighted-average shares outstanding for basic
earnings per share		18,879,757		18,947,752			19,101,284		18,955,356
Effect of dilutive securities:
Employee stock options and warrants		112,841		-			202,913		552,568
Adjusted weighted-average shares outstanding
and assumed conversions for diluted
earnings per share		18,992,598		18,947,752			19,304,197		19,507,924
Shares related to dilutive securities excluded
because inclusion would be anti-dilutive		1,573,896		1,685,195			1,544,504		1,197,431