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EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2012
EARNINGS PER SHARE [Abstract]  
EARNINGS PER SHARE
NOTE 7.
EARNINGS PER SHARE (in thousands, except EPS)

We compute basic earnings per share ("basic EPS") by dividing net income by the weighted average number of common shares outstanding for the reporting period.  Diluted earnings 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 per share for the three month periods ending March 31, 2012 and 2011.
 
 
 
Three Months Ended
March 31,
 
(in thousands, except EPS)
 
2012
 
 
2011
 
 
 
 
 
 
 
 
Net income
 
$
187
 
 
$
492
 
 
 
 
 
 
 
 
 
 
Basic weighted average shares outstanding
 
 
17,622
 
 
 
17,575
 
Effect of potential dilutive securities
 
 
169
 
 
 
331
 
Diluted weighted average shares outstanding
 
 
17,791
 
 
 
17,906
 
 
 
 
 
 
 
 
 
 
Basic EPS
 
$
0.01
 
 
$
0.03
 
 
 
 
 
 
 
 
 
 
Diluted EPS
 
$
0.01
 
 
$
0.03
 
 
 
For the three months ended March 31, 2012 and 2011, options and warrants to purchase approximately 1.2 million shares of common stock were excluded from the computation of diluted earnings per share because their effects were anti-dilutive.