Earnings per share

9 Months Ended

Sep. 30, 2013

11.

Earnings per share

For the three and nine months ended September 30, 2013 and 2012, there were no adjustments to net income (loss) for purposes of calculating basic and diluted net income (loss) available to common shareholders. For the nine months ended September 30, 2013, potentially dilutive shares totaled 176,482. 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 September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Weighted average common shares-basic		18,142,935		19,078,590		18,897,887		18,861,374
Effect of dilutive securities:
Unexercised stock options net of treasury share repurchase		—		454,431		—		438,889

Weighted average common shares-diluted		18,142,935		19,533,021		18,897,887		19,300,263

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 1,647,878 and 1,186,259 outstanding options not included in the diluted earnings per share computation for the three and nine months ended September 30, 2013, respectively, because the inclusion of these options was antidilutive. There were 636,900 and 688,636 outstanding options not included, respectively, in the diluted earnings per share computation for the three and nine months ended September 30, 2012, respectively, because the inclusion of these options was anti-dilutive.

- Definition

The entire disclosure for earnings per share.

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