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Net Income(Loss) Per Share
 6 Months Ended
Jun. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

(7)  Net Income (Loss) Per Share

 

Basic net income (loss) per share was computed by dividing net income (loss) by the weighted average number of Common Shares outstanding for each respective period. Diluted net income (loss) per share was calculated by dividing net income (loss) by the weighted average of all potentially dilutive Common Shares that were outstanding during the periods presented. For all periods in which the Company recognized a net loss, the Company has recognized zero dilutive effect from securities as no anti-dilution is permitted. Actual weighted average Common Shares outstanding used in calculating basic and diluted net income (loss) per share were as follows:

 

    Three months ended     Six months ended  
          June 30,           June 30,  
    2012     2011     2012     2011  
                         
Basic weighted average shares outstanding     26,424,331       24,161,775       26,322,277       24,089,679  
Effect of dilutive shares     -       444,330       676,225       455,109  
Diluted weighted average shares outstanding     26,424,331       24,606,105       26,998,502       24,544,788  

  

Options not included in the computation of diluted net income per share to purchase 65,000 and 50,000 Common Shares at an average price of $12.03 and $15.73 per share were outstanding at June 30, 2012 and 2011, respectively. These outstanding options were not included in the computation of diluted net income per share because either their respective exercise prices were greater than the average closing market price of Company Common Shares or their effect was anti-dilutive.

 

There were 696,300 and 419,100 performance-based restricted Common Shares outstanding at June 30, 2012 and 2011, respectively. Substantially all of these shares were not included in the computation of diluted net income per share because not all vesting conditions were expected to be achieved as of June 30, 2012 and 2011. These shares may or may not become dilutive based on the Company’s ability to meet or exceed future earnings performance targets.