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INCOME (LOSS) PER COMMON SHARE
 3 Months Ended
Mar. 31, 2012
INCOME (LOSS) PER COMMON SHARE

NOTE F — INCOME (LOSS) PER COMMON SHARE

Basic income per common share has been computed by dividing net income by the weighted-average number of shares of the Company’s common stock outstanding. Diluted income per common share adjusts net income and basic income per common share for the effect of all potentially dilutive shares of the Company’s common stock. The calculations of basic and diluted income per common share for the three month periods ended March 31, 2012 and 2011 are as follows:

 

     Three Months Ended
March 31,		  
     2012      2011  
     (in thousands, except per share amounts)  

Net income (loss) – basic and diluted

    $ 1,344       $ (949 ) 

Weighted-average shares outstanding – basic

      12,432         12,066   

Effect of dilutive securities:

      

Stock options

      333         —     
  

 

 

     

 

 

  

Weighted-average shares outstanding – diluted

      12,765         12,066   
  

 

 

     

 

 

  

Basic income (loss) per common share

    $ 0.11       $ (0.08 ) 
  

 

 

     

 

 

  

Diluted income (loss) per common share

    $ 0.11       $ (0.08 ) 
  

 

 

     

 

 

  

The computation of diluted income per common share for the three months ended March 31, 2012 and 2011 excludes options to purchase 1,188,800 shares and 2,366,000 shares, respectively. These shares were excluded due to their antidilutive effects.