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Earnings per share
 6 Months Ended
Jun. 30, 2012
Earnings per share  
Earnings per share

11.              Earnings per share

 

For the three and six months ended June 30, 2012 and 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.

 

 

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

Weighted average common shares-basic

 

18,827,452

 

18,110,607

 

18,751,573

 

18,024,913

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

Unexercised stock options net of treasury share repurchase

 

388,532

 

430,613

 

417,367

 

—

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares-diluted

 

19,215,984

 

18,541,220

 

19,168,940

 

18,024,913

 

 

No adjustment has been made in the six months ended June 30, 2011 for any common stock equivalents because their effects would be anti-dilutive.  For the six months ended June 30, 2011, potentially dilutive shares totaled 350,233.

 

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 796,851 and 768,269 outstanding options not included in the diluted earnings per share computation for the three and six months ended June 30, 2012, respectively, because the inclusion of these options was anti-dilutive. There were 1,601,560 and 1,594,274 outstanding options not included, respectively, in the diluted earnings per share computation for the three and six months ended June 30, 2011, respectively, because the inclusion of these options was anti-dilutive.