Earnings Per Share
 9 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share

Note 2.  Earnings Per Share

Basic earnings per share for the three and nine months ended September 30, 2012 and 2011 were computed by dividing net income by the weighted average number of shares outstanding.  Diluted earnings per share for the same periods were computed by dividing net income by the weighted average number of shares outstanding, adjusted for the dilutive effect of the stock options and warrants.  Computations for basic and diluted earnings per share are provided as follows:

 

Note 2.  Earnings Per Share (Continued)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

2012

 

2011

 

2012

 

2011

Basic Earnings (Loss) Per Common Share

 

 

 

 

 

 

 

 

 

 

 

    Net income (loss) for common shareholders

$
(3,848)

 

$
(5,253)

 

$
(5,305)

 

$
(12,130)

    Weighted average common shares outstanding

 
6,063 

 

 
6,048 

 

 
6,063 

 

 
6,048 

    Basic earnings per common share

$
(0.63)

 

$
(0.87)

 

$
(0.87)

 

$
(2.01)

Diluted Earnings Per Common Share

 

 

 

 

 

 

 

 

 

 

 

    Weighted average common shares outstanding

 
6,063 

 

 
6,048 

 

 
6,063 

 

 
6,048 

    Add:  dilutive effect of assumed exercised

 

 

 

 

 

 

 

 

 

 

 

         stock options

 

 -

 

 

 -

 

 

 -

 

 

 -

    Add:  dilutive effect of assumed exercised

 

 

 

 

 

 

 

 

 

 

 

         common stock warrants

 

 -

 

 

 -

 

 

 -

 

 

 -

    Weighted average common and dilutive  

 

 

 

 

 

 

 

 

 

 

 

         potential shares outstanding

 
6,063 

 

 
6,048 

 

 
6,063 

 

 
6,048 

         Diluted earnings (loss) per common share

$
(0.63)

 

$
(0.87)

 

$
(0.87)

 

$
(2.01)

 

There were 274,927 options and 508,320 warrants outstanding for the three and nine months ended September 30, 2012 and 464,038 options and 508,320 warrants outstanding for the three and nine months ended September 30, 2011 that were not included in the computation of diluted earnings per share because the exercise price was greater than the average market price and therefore, were anti-dilutive. In addition, the Company’s convertible preferred stock was not included in the computation of diluted earnings per share as it was anti-dilutive.