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Income Per Common Share
9 Months Ended
Sep. 30, 2012
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): 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

Basic income per common share

2012

 

2011

 

2012

 

2011

Net income

$

1,538 

 

$

2,019 

 

$

5,863 

 

$

5,505 

Net income allocated to participating securities

 

(36)

 

 

(43)

 

 

(133)

 

 

(110)

Net income allocated to common shareholders

$

1,502 

 

$

1,976 

 

$

5,730 

 

$

5,395 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common shares outstanding

 

26,810 

 

 

27,523 

 

 

26,951 

 

 

27,431 

Basic income per common share

$

0.06 

 

$

0.07 

 

$

0.21 

 

$

0.20 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

Diluted income per common share

2012

 

2011

 

2012

 

2011

Net income

$

1,538 

 

$

2,019 

 

$

5,863 

 

$

5,505 

Net income allocated to participating securities

 

(36)

 

 

(42)

 

 

(131)

 

 

(108)

Net income allocated to common shareholders

$

1,502 

 

$

1,977 

 

$

5,732 

 

$

5,397 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common shares outstanding

 

26,810 

 

 

27,523 

 

 

26,951 

 

 

27,431 

Effect of dilutive stock options and awardsa

 

70 

 

 

95 

 

 

57 

 

 

118 

Effect of dilutive RSAs and RSUs

 

330 

 

 

232 

 

 

321 

 

 

216 

Diluted weighted-average common shares outstanding

 

27,210 

 

 

27,850 

 

 

27,329 

 

 

27,765 

Diluted income per common share

$

0.06 

 

$

0.07 

 

$

0.21 

 

$

0.19 

___________________  

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 a weighted-average 1.7 million shares for both the three and nine months ended September 30, 2012 and 2.1 million for the three months ended and 2.0 million for the nine months ended September 30, 2011 were excluded from the calculation of diluted weighted-average common shares outstanding.