Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

Earnings Per Share

3 Months Ended

Mar. 31, 2012

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, 2012		March 31, 2011

Weighted average shares outstanding - basic		25,677		21,831
Effect of dilutive stock options		307		120
Weighted average shares outstanding - diluted		25,984		21,951

Earnings (loss) per share:
Basic	$	0.10	$	0.05
Diluted		0.10		0.05

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.

For the three months ended March 31, 2011, diluted earnings per share excludes the anti-dilutive effect of options to purchase 963 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, 2011 and 750 shares of unvested restricted stock as their required performance or market conditions were not met.

- Definition

The entire disclosure for earnings per share.

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