EXHIBIT 11
COMPUTATION OF EARNINGS PER SHARE
(in thousands, except per share data)
(a) Computation of the weighted average number of shares of common stock outstanding for the fiscal years ended the years ended December 31, 2004, 2005 and 2006.
Shares of Common Stock | Weighted Shares Outstanding | |
January 1, 2004 to December 31, 2004 | 10,790 | 10,790 |
Shares issued on exercise of stock options | - | - |
Shares issued under Directors Stock Plan | 7 | 5 |
Shares issued under Employee Stock Plan | 5 | 2 |
Shares issued to Laurus Master Fund, Inc. | 10 | 1 |
Total | 10,812 | 10,798 |
January 1, 2005 to December 31, 2005 | 10,812 | 10,812 |
Shares issued on exercise of stock options | - | - |
Shares issued under Directors Stock Plan | 6 | 4 |
Shares issued under Employee Stock Plan | 1 | 1 |
Shares issued to Laurus Master Fund, Inc. | 823 | 415 |
Total | 11,642 | 11,232 |
January 1, 2006 to December 31, 2006 | 11,642 | 11,642 |
Shares issued on exercise of stock options | 77 | 57 |
Shares issued under Directors Stock Plan | 8 | 5 |
Shares issued under Employee Stock Plan | - | - |
Shares issued in connection with purchase of Airdesk, Inc. | 648 | 641 |
Shares held in escrow in connection with purchase of Airdesk, Inc. | (300) | (297) |
Shares issued to Laurus Master Fund, Inc. | 885 | 454 |
Total | 12,960 | 12,502 |
(b) Computation of Earnings per Share
Computation of earnings per share is net earnings (loss) divided by the weighted average number of shares of common stock outstanding for the years ended December 31, 2004, 2005 and 2006.
2004 | 2005 | 2006 | |
Net earnings (loss) | ($2,079) | $593 | $4,103 |
Weighted average number of shares of common stock outstanding | 10,798 | 11,642 | 12,502 |
Basic earnings (loss) per share | ($0.19) | $0.05 | $0.33 |
Diluted earnings (loss) per share | ($0.19) | $0.05 | $0.32 |