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Earnings (Loss) Per Common Share
 3 Months Ended
Mar. 31, 2012
Earnings (Loss) Per Common Share [Abstract]  
Earnings (Loss) Per Common Share

2. Earnings (Loss) Per Common Share

Basic earnings (loss) per common share is based on the weighted average number of common shares outstanding for the three months ended March 31, 2012 and 2011. Diluted earnings (loss) per common share is based on the weighted average number of common shares outstanding, plus the incremental shares that would have been outstanding upon the assumed exercise of all potentially dilutive stock options and other stock units subject to anti-dilution limitations.

The following table sets forth the computation of basic and diluted earnings (loss) per common share (in thousands, except share and per share data):

 

                 
     Three Months Ended  
     March 31,  
     2012      2011  

Net income (loss)

    $ 334       $ (324 ) 
    

 

 

     

 

 

  

Weighted average basic shares

      7,857,650         7,756,441   

Dilutive effect of stock options and restricted stock units (1)

      636,895         —     
    

 

 

     

 

 

  

Total weighted average diluted shares with assumed conversions

      8,494,545         7,756,441   
    

 

 

     

 

 

  

Earnings (loss) per common share:

                  

Basic

    $ 0.04       $ (0.04 ) 
    

 

 

     

 

 

  

Dilutive

    $ 0.04       $ (0.04 ) 
    

 

 

     

 

 

  

 

(1) For the three months ended March 31, 2011, these items were excluded from diluted earnings (loss) per common share as the effect would have been anti-dilutive.