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Earnings Per Share
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
EPS is calculated by dividing income available to common shareholders by the weighted-average number of shares of common stock outstanding during each period. Diluted earnings per share ("diluted EPS") is calculated using income available to common shareholders divided by diluted weighted-average shares of common stock outstanding during each period. Potentially dilutive securities include shares of common stock underlying stock options and restricted common stock. Diluted EPS considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential common shares would have an anti-dilutive effect.
The following table sets forth the computations of basic and dilutive earnings per share:
 
 
2013
 
2012
 
2011
Net income (in thousands)
 
$
6,665

 
$
5,163

 
$
3,829

Shares:
 
 
 
 
 
 
Basic weighted average shares outstanding
 
26,406,904

 
23,238,984

 
23,237,698

Dilutive stock options and warrants
 
1,281,726

 
26,558

 
—

Diluted weighted average number of shares outstanding
 
27,688,629

 
23,265,542

 
23,237,698

Earnings per share:
 
 
 
 
 
 
Basic
 
$
0.25

 
$
0.22

 
$
0.16

Diluted
 
$
0.24

 
$
0.22

 
$
0.16


The Company excluded 17,000, 590,617 and 2,621,023 outstanding options from the diluted earnings per share calculation for 2013, 2012 and 2011, respectively, as the options were out of the money and to include them would have been antidilutive. All outstanding warrants were dilutive in the calculation of diluted earnings per share.