Annual report pursuant to section 13 and 15(d)

NET INCOME PER COMMON SHARE

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NET INCOME PER COMMON SHARE
 12 Months Ended
Dec. 31, 2012
NET INCOME PER COMMON SHARE [Abstract]  
NET INCOME PER COMMON SHARE
NOTE 18 - NET INCOME PER COMMON SHARE

   
Year ended December 31,
  
   
2012
    
2011
    
2010
  
    (Restated - see Note 3)     (Restated - see Note 2)     (Restated - see Note 2)  
   
(thousands of dollars)
  
                   
Net income
   $ 10,321     $ 13,884     $ 2,075  
                         
Basic earnings per common share:
                        
    Weighted average shares outstanding
     24,081       23,993       23,769  
                         
    Per share amount (dollars)
   $ 0.43     $ 0.58     $ 0.09  
Diluted earnings per common share:
                        
    Weighted average shares outstanding
     24,745       24,267       23,780  
                         
    Per share amount (dollars)
   $ 0.42     $ 0.57     $ 0.09  

Weighted average shares-denominator basic computation
     24,081       23,993       23,769  
Effect of dilutive stock options
     664       274       11  
Weighted average shares, as adjusted denominator diluted computation
     24,745       24,267       23,780  

At December 31, 2012, 2011, and 2010, 1,173,180, 1,347,750 and 1,076,667 potential common stock shares, respectively, were issuable upon the exercise of options.

The earnings per share calculations for the periods ended December 31, 2012, 2011, and 2010, include 300,000 shares of the Company that are held in the treasury of TOCCO.