Note 2 - Loss Per Share

6 Months Ended

Jun. 30, 2012

Note 2. Income (Loss) Per Share

Basic income (loss) per share excludes dilution and is computed by dividing earnings available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted income (loss) per share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in our earnings. The calculation of diluted income (loss) per share for the three and six months ended June 30, 2012 and 2011 excludes all unexercised options and approximately 200,000 and 104,000 unvested shares, respectively, since the effect of any assumed exercise of the related awards would be anti-dilutive.

The following table sets forth for the periods indicated the calculation of net income (loss) per share included in the consolidated condensed statements of operations:

(in thousands except per share data)	Three Months ended June 30,				Six Months ended June 30,
	2012		2011		2012		2011
Numerator:
Net income (loss)	$	4,251	$	1,655	$	3,611	$	(809	)
Denominator:
Denominator for basic earnings per share – weighted- average shares		14,732		14,702		14,727		14,657
Effect of dilutive securities:
Equivalent shares issuable upon conversion of unvested restricted stock		55		131		69		-
Equivalent shares issuable upon conversion of unvested employee stock options		-		-		-		-
Denominator for diluted earnings per share – adjusted weighted-average shares and assumed conversions		14,787		14,833		14,796		14,657

Basic income (loss) per share:	$	0.29	$	0.11	$	0.25	$	(0.06	)
Diluted income (loss) per share:	$	0.29	$	0.11	$	0.24	$	(0.06	)

- Definition

The entire disclosure for earnings per share.

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