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Earnings Per Share
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6 Months Ended |
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Jun. 30, 2012
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| Earnings Per Share [Abstract] | |
| 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:
For the three months ended June 30, 2012, 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. For the six months ended June 30, 2012, diluted earnings per share excludes the anti-dilutive effect of options to purchase 420 shares of common stock whose exercise prices were higher than the average market price of the Company’s common stock for the six months ended June 30, 2012 and 750 shares of unvested restricted stock as their required performance or market conditions were not met. For the three months ended June 30, 2011, 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. For the six months ended June 30, 2011, diluted earnings per share excludes the anti-dilutive effect of options to purchase 965 shares of common stock whose exercise prices were higher than the average market price of the Company’s common stock for the six months ended June 30, 2011 and 750 shares of unvested restricted stock as their required performance or market conditions were not met. |