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NOTE 7 — EARNINGS/(LOSS) PER SHARE
Basic and diluted loss per common share were calculated as follows (in thousands, except per share amounts):
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Three Months
Ended
June 30,
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Six Months
Ended
June 30,
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2012 |
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2011 |
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2012 |
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2011 |
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Basic weighted average number of shares outstanding
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32,755 |
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32,395 |
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32,694 |
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32,328 |
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Effect of dilutive securities:
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Stock options and restricted stock (1)
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349 |
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243 |
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392 |
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0 |
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Diluted weighted average shares outstanding
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33,104 |
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32,638 |
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33,086 |
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32,328 |
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Net income/(loss)
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$ |
8,005 |
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$ |
562 |
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$ |
3,251 |
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$ |
(6,097 |
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Basic income/(loss) per share
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$ |
0.24 |
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$ |
0.02 |
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$ |
0.10 |
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$ |
(0.19 |
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Diluted income/(loss) per share (1)
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$ |
0.24 |
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$ |
0.02 |
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$ |
0.10 |
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$ |
(0.19 |
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Antidilutive stock options not included in the calculation of diluted income per share
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260 |
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637 |
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255 |
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1,822 |
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| (1) |
For periods with a net loss, basic weighted average shares outstanding are used for diluted calculations as required by GAAP because all options and non-vested shares
outstanding are considered anti-dilutive. |
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