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Average Common Shares Outstanding Used to Compute Earnings (Loss) Per Share
 3 Months Ended
Mar. 31, 2012
Average Common Shares Outstanding Used to Compute Earnings (Loss) Per Share  
Average Common Shares Outstanding Used to Compute Earnings (Loss) Per Share

3.     Average Common Shares Outstanding Used to Compute Earnings (Loss) Per Share

 

 

 

Three Months Ended

 

 

 

March 31,

 

 

 

2012

 

2011

 

 

 

 

 

 

 

Basic

 

18,583,882

 

18,516,247

 

Diluted

 

18,583,882

 

18,518,432

 

Potentially dilutive

 

265,782

 

347,000

 

 

Basic earnings (loss) per share is computed by dividing net income or loss by the weighted-average number of common shares outstanding. Diluted earnings (loss) per share is computed similar to basic earnings (loss) per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares from share-based compensation arrangements had been issued.

 

Potentially dilutive shares arise from non-qualified stock options to purchase common stock and non-vested restricted stock. The treasury stock method is applied to determine the number of potentially dilutive shares for non-vested restricted stock and stock options assuming that the shares of non-vested restricted stock are issued for an amount based on the grant date market price of the shares and that the outstanding stock options are exercised. These amounts were excluded because the effect would be anti-dilutive.