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EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2011
EARNINGS PER SHARE  
EARNINGS PER SHARE
NOTE 8.  EARNINGS PER SHARE (in thousands, except EPS)

We compute basic earnings (loss) per share (“basic EPS”) by dividing net income (loss) by the weighted average number of common shares outstanding for the reporting period.  Diluted earnings (loss) per share (“diluted EPS”) gives effect to all dilutive potential shares outstanding (primarily stock options).  The following table provides the computation of basic and diluted earnings (loss) per share for the three month and six month periods ending June 30, 2011 and 2010.
 
  
Three Months Ended
June 30,
   
Six Months Ended
June 30,
 
(in thousands, except EPS) 
2011
   
2010
   
2011
   
2010
 
                
Net income (loss)
$429  $56  $921  $(170)
                 
Basic weighted average shares outstanding
 17,600   17,377   17,587   17,171 
Effect of potential dilutive securities
 227   497   242   n/a 
Diluted weighted average shares outstanding
 17,827   17,874   17,829   17,171 
                 
Basic EPS
$0.02  $0.00  $0.05  $(0.01)
                 
Diluted EPS
$0.02  $0.00  $0.05  $(0.01)

For the six months ended June 30, 2011 and 2010, options and warrants to purchase approximately 1.3 million shares of common stock were excluded from the computation of diluted earnings (loss) per share because their effects were anti-dilutive.