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Basic and Diluted Net Income (Loss) Per Common Share

6 Months Ended

Jun. 30, 2011

Basic and Diluted Net Income (Loss) Per Common Share

Basic and Diluted Net Income (Loss) Per Common Share

(6)           Basic and Diluted Net Income (Loss) Per Common Share

Basic net income or loss per share is based upon the weighted average number of common shares outstanding during the period. Diluted net income or loss per share is based upon the weighted average number of common shares outstanding during the period, plus the effect of additional weighted average common equivalent shares outstanding during the period when the effect of adding such shares is dilutive. Common equivalent shares result from the assumed conversion of preferred stock and the exercise of outstanding stock options and warrants (the proceeds of which are then assumed to have been used to repurchase outstanding stock using the treasury stock method). In addition, the assumed proceeds under the treasury stock method include the average unrecognized compensation expense of stock options that are in-the-money. This results in the “assumed” buyback of additional shares, thereby reducing the dilutive impact of stock options and warrants. Common equivalent shares have not been included in the net loss per share calculations for three and six months ended June 30, 2011, because the effect of including them would have been anti-dilutive.

Basic and diluted net income (loss) per share were determined as follows:

(in thousands, except per share amounts)		Three months ended June 30,								Six months ended June 30,
		2011				2010				2011				2010
Net income (loss) allocable to   common shareholders		$	(1,706	)		$	1,344			$	(4,043	)		$	1,991
Weighted average shares outstanding			19,388				15,460				19,315				15,115
Basic net income (loss) per common share		$	(0.09	)		$	0.09			$	(0.21	)		$	0.13
Net income (loss) allocable to   common shareholders		$	(1,706	)		$	1,344			$	(4,043	)		$	1,991
Effect of dilutive securities
Preferred stock dividends			-				446				-				888
Interest related to dividends			-				37				-				77
Diluted net income		$	(1,706	)		$	1,827			$	(4,043	)		$	2,956
Weighted average shares outstanding			19,388				15,460				19,315				15,115
Effect of dilutive options, warrants and   preferred stock			-				12,478				-				12,710
Weighted average shares outstanding assuming   dilution			19,388				27,938				19,315				27,825
Diluted net income (loss) per common share		$	(0.09	)		$	0.07			$	(0.21	)		$	0.11

We did not include the following securities in the table below in the computation of diluted net income (loss) per common share because the securities were anti-dilutive during the periods presented:

(in thousands, except per share amounts)		Three months ended June 30,								Six months ended June 30,
		2011				2010				2011				2010
Warrants			11,989				6,175				11,989				6,150
Stock options			2,321				1,168				2,321				1,027
Convertible note			200				200				200				200
Preferred stock			11,601				-				11,601				-
Total			26,111				7,543				26,111				7,377

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+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1252-109256

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=6945512&loc=d3e4984-109258

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 128
-Paragraph 40
-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
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-Section 45
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-URI http://asc.fasb.org/extlink&oid=6920599&loc=d3e1278-109256

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 225
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.21)
-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

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