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Earnings per share
 12 Months Ended
Dec. 31, 2011
Earnings per share  
Earnings per share

18.    Earnings per share

 

For each of the three years ended December 31, 2011, there were no adjustments to net income (loss) for purposes of calculating basic and diluted net income (loss) available to common shareholders. The following is a reconciliation of the weighted average shares used in the basic and diluted net income (loss) per common share computations.

 

 

 

Year Ended December 31,

 

 

 

2011

 

2010

 

2009

 

Weighted average common shares-basic

 

18,219,343

 

17,601,956

 

17,119,474

 

Effect of diluted securities:

 

 

 

 

 

 

 

Unexercised stock options net of treasury share repurchase

 

—

 

311,589

 

83,469

 

 

 

 

 

 

 

 

 

Weighted average common share-diluted

 

18,219,343

 

17,913,545

 

17,202,943

 

 

No adjustment has been made in 2011 for any common stock equivalents because their effects would be anti-dilutive.  For 2011, potentially dilutive shares totaled 344,168.

 

Options to purchase shares of common stock with exercise prices in excess of the average market price of common shares are not included in the computation of diluted earnings per share. There were 1,487,809 and 1,750,213 outstanding options not included in the diluted earnings per share computation for the fiscal years ended December 31, 2011 and 2010, respectively, because the inclusion of these options was anti-dilutive.