Basic and Diluted Income (Loss) Per Common Share

9 Months Ended

Sep. 30, 2013

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

Basic and Diluted Income (Loss) Per Common Share

2. 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 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,
	2013			2012		2013			2012
Numerator:
Net income (loss)	$	(995	)	$	816	$	(10,349	)	$	1,504
Denominator:
Weighted-average shares outstanding for basic earnings per share		18,058,319			18,390,034		18,232,873			18,370,907
Effect of dilutive securities:
Employee stock options		-			69,900		-			112,235
Adjusted weighted-average shares outstanding and assumed conversions for diluted earnings per share		18,058,319			18,459,934		18,232,873			18,483,142
Shares related to dilutive securities excluded because inclusion would be anti-dilutive		2,899,349			2,847,203		2,909,597			2,799,268