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Income (Loss) Per Common Share
 9 Months Ended
Sep. 30, 2013
Income (Loss) Per Common Share

NOTE F — INCOME (LOSS) PER COMMON SHARE

Basic income (loss) per common share has been computed by dividing net income (loss) by the weighted-average number of shares of the Company’s common stock outstanding. Diluted income (loss) per common share adjusts net income (loss) and basic income (loss) per common share for the effect of all potentially dilutive shares of the Company’s common stock. The calculations of basic and diluted income (loss) per common share for the three and nine month periods ended September 30, 2013 and 2012 are as follows:

 

     Three Months Ended
September 30,		      Nine Months Ended
September 30,		  
     2013      2012      2013     2012  
     (in thousands, except per share amounts)  

Net income (loss) – basic and diluted

    $ 1,093       $ 3,890         (107 )    $ 5,793   

Weighted-average shares outstanding – basic

      12,707         12,546         12,758        12,482   

Effect of dilutive securities:

           

Stock options

      339         254         —          298   
  

 

 

     

 

 

     

 

 

    

 

 

  

Weighted-average shares outstanding – diluted

      13,046         12,800         12,758        12,780   
  

 

 

     

 

 

     

 

 

    

 

 

  

Basic income (loss) per common share

    $ 0.09       $ 0.31       $ (0.01 )    $ 0.46   
  

 

 

     

 

 

     

 

 

    

 

 

  

Diluted income (loss) per common share

    $ 0.08       $ 0.30       $ (0.01 )    $ 0.45   
  

 

 

     

 

 

     

 

 

    

 

 

  

The computation of diluted income (loss) per common share for the three months ended September 30, 2013 and 2012 excludes options to purchase 336,500 shares and options to purchase 1,158,000 shares, respectively. The computation of diluted income (loss) per common share for the nine months ended September 30, 2013 and 2012 excludes options to purchase 1,777,360 shares and options to purchase 1,328,350 shares, respectively. The above shares were excluded due to their antidilutive effects.