Net Income Per Common Share

9 Months Ended

Sep. 30, 2011

Net Income Per Common Share [Abstract]

Net Income Per Common Share

3. Net Income Per Common Share

Companies are required to present basic and diluted earnings per share. Basic net income per share is computed by dividing net income by the weighted daily average number of shares of common stock outstanding during the period. Diluted net income per share is based upon the weighted daily average number of shares of common stock outstanding for the period plus dilutive potential common shares, including stock options and restricted stock units using the treasury-stock method.

A reconciliation of the weighted average basic common shares outstanding to the weighted average diluted common shares outstanding is as follows (unaudited):

	Three Months Ended September 30				Nine months Ended September 30
	2011		2010		2011		2010
Weighted average common basic shares outstanding		15,704,837		15,651,586		15,776,883		15,526,061
Effect of dilutive stock options and restricted stock units		329,493		342,045		339,253		367,221
Weighted average common diluted shares outstanding		16,034,330		15,993,631		16,116,136		15,893,282
Net income per share:
Basic	$	0.38	$	0.31	$	0.91	$	0.79
Diluted	$	0.37	$	0.30	$	0.89	$	0.77

There were 9,534 anti-dilutive options excluded in the computation of diluted earnings per share for the three and nine months ended September 30, 2011 and 2010, respectively, because the options’ exercise prices were greater than the average market price of the common stock.

There are no additional securities that could dilute basic earnings per share in the future that were not included in the computation of diluted earnings per share, other than those disclosed.