Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 13. EARNINGS PER SHARE

For the three and six months ended June 30, 2011 and 2010, basic earnings per share are computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Unexercised stock options and unvested restricted shares are excluded from this calculation but are included in the diluted earnings per share calculation using the treasury stock method so long as their effect is not anti-dilutive.

For the three and six months ended June 30, 2011 and 2010, diluted earnings per share are determined by using the weighted average number of common and dilutive common equivalent shares outstanding during the period.  Due to the anti-dilutive effect, approximately 86,500 options to purchase common stock were excluded from the calculation of diluted earnings per share for the three and six months ended June 30, 2011 and 92,000 options for the three and six months ended June 30, 2010 were excluded.

The following table illustrates the reconciliation of the weighted average shares outstanding:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
Weighted average shares outstanding - Basic		10,050,545		9,896,738		9,971,411		9,858,538
Diluted effect of stock options and restricted stock grants		143,626		174,071		174,327		184,378
Weighted average shares outstanding - Diluted		10,194,171		10,070,809		10,145,738		10,042,916