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Earnings/(Loss) Per Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

Note 2 – Earnings/(Loss) Per Share

 

Basic earnings/(loss) per common share is calculated by dividing net income/(loss) available to (allocable to) common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings/(loss) per common share is calculated by dividing net income/(loss) available to (allocable to) common stockholders by the weighted average number of common shares outstanding during the period, adjusted for the dilutive effect of common stock equivalents (stock-based awards). There is no dilutive effect on the loss per share during loss periods. The following table provides information relating to the calculation of earnings/(loss) per common share:

 

    For the Three Months Ended  
    March 31,  
(In thousands, except per share data)   2013     2012  
Net income (loss)   $ 222     $ (3,036 )
Weighted average shares outstanding - Basic     8,458       8,457  
Dilutive effect of common stock equivalents     -       -  
Weighted average shares outstanding - Diluted     8,458       8,457  
Earnings (loss) per common share - Basic   $ 0.03     $ (0.36 )
Earnings (loss) per common share - Diluted   $ 0.03     $ (0.36 )

 

The calculations of diluted earnings/(loss) per share excluded weighted average common stock equivalents of 54 thousand for the three months ended March 31 2013 and 17 thousand for the three months ended March 31, 2012 because the effect of including them would have been antidilutive.