Income Per Common Share

12 Months Ended

Dec. 31, 2011

Income Per Common Share [Abstract]

Income Per Common Share

16. Income Per Common Share

     The following table sets forth the computation of basic and diluted income per common share (in thousands, except per share data):

		2011			2010			2009
Basic income per common share
Net income	$	7,371		$	3,944		$	8,679
Net income allocated to participating securities		(149	)		(51	)		(74	)
Net income allocated to common shareholders	$	7,222			3,893			8,605
Basic weighted-average common shares outstanding		27,441			27,987			28,106
Basic income per common share	$	0.26		$	0.14		$	0.31
Diluted income per common share
Net income	$	7,371		$	3,944		$	8,679
Net income allocated to participating securities		(147	)		(50	)		(74	)
Net income allocated to common shareholders	$	7,224			3,894			8,605
Basic weighted-average common shares outstanding		27,441			27,987			28,106
Effect of dilutive options and awards a		318			287			204
Diluted weighted-average common shares outstanding		27,759			28,274			28,310
Diluted income per common share	$	0.26		$	0.14		$	0.30

a The Company excluded stock options from the calculation of diluted weighted-average common shares outstanding if the per share value, including the sum of (i) the exercise price of the options and (ii) the amount of the compensation cost attributed to future services and not yet recognized, was greater than the average market price of the shares, because the inclusion of these stock options would be antidilutive to income per common share. Accordingly, stock options to purchase 2.0 million, 1.5 million, and 1.3 million, shares for the years ended December 31, 2011, 2010, and 2009, respectively, were excluded from the calculation of diluted weighted-average common shares outstanding.

     In future periods, basic and diluted income per common share are expected to be affected by the fluctuations in the fair value of the Company's common stock, the exercise and issuance of additional stock options, the issuance of additional RSAs and RSUs, and stock repurchases as discussed in Note 13 above.