Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v2.4.0.6
Earnings Per Share
3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 11.  EARNINGS PER SHARE 

 

Basic earnings per share is computed by dividing earnings by the weighted average number of common shares outstanding during each period.  Diluted earnings per share is computed by dividing earnings by the total of the weighted average number of shares of common stock outstanding during each period, plus the effect of outstanding stock options and unvested restricted stock grants.  Potentially dilutive securities are excluded from the computation of diluted earnings per share if their effect is anti-dilutive. 

 

The following table is a reconciliation of basic and diluted shares of common stock outstanding used in the calculation of earnings per share: 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

March 31, 2013

 

March 31, 2012

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

 

31,764 

 

 

25,677 

Effect of dilutive stock awards

 

 

 -

 

 

307 

Weighted average shares outstanding - diluted

 

 

31,764 

 

 

25,984 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

Basic

 

$

(0.10)

 

$

0.10 

Diluted

 

 

(0.10)

 

 

0.10 

 

 

 

 

 

 

 

 

 

For the three months ended March 31, 2013, basic net loss per share was the same as diluted net loss per share because all potentially dilutive securities were anti-dilutive due to the net loss for the period.  Options to purchase 1,581 shares of common stock were outstanding and anti-dilutive due to the net loss for the period.  Additionally, options to purchase 1,159 shares of common stock were outstanding and anti-dilutive because the exercise prices were higher than the average market price of the Company’s common stock for the three months ended March 31, 2013 and 750 shares of unvested restricted stock were outstanding and excluded as their required performance or market conditions were not met.

 

For the three months ended March 31, 2012, diluted earnings per share excludes the anti-dilutive effect of options to purchase 430 shares of common stock whose exercise prices were higher than the average market price of the Company’s common stock for the three months ended March 31, 2012 and 750 shares of unvested restricted stock as their required performance or market conditions were not met.