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Income Per Common Share
 6 Months Ended
Jun. 30, 2013
Income Per Common Share [Abstract]  
Income Per Common Share

15.  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

 

Six Months Ended

 

June 30,

 

June 30,

Basic income per common share

2013

 

2012

 

2013

 

2012

Net income

$
1,785 

 

$
3,334 

 

$
3,977 

 

$
4,325 

Net income allocated to participating securities

 
(40)

 

 
(77)

 

 
(91)

 

 
(96)

Net income allocated to common shareholders

$
1,745 

 

$
3,257 

 

$
3,886 

 

$
4,229 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common shares outstanding

 
26,856 

 

 
26,864 

 

 
26,858 

 

 
27,022 

Basic income per common share

$
0.06 

 

$
0.12 

 

$
0.14 

 

$
0.16 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

Diluted income per common share

2013

 

2012

 

2013

 

2012

Net income

$
1,785 

 

$
3,334 

 

$
3,977 

 

$
4,325 

Net income allocated to participating securities

 
(40)

 

 
(76)

 

 
(90)

 

 
(95)

Net income allocated to common shareholders

$
1,745 

 

$
3,258 

 

$
3,887 

 

$
4,230 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common shares outstanding

 
26,856 

 

 
26,864 

 

 
26,858 

 

 
27,022 

Effect of dilutive stock options and awardsa

 
513 

 

 
313 

 

 
598 

 

 
340 

Diluted weighted-average common shares outstanding

 
27,369 

 

 
27,177 

 

 
27,456 

 

 
27,362 

Diluted income per common share

$
0.06 

 

$
0.12 

 

$
0.14 

 

$
0.15 

___________________  

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 1.3 million shares for the three months ended and 1.2 million shares for the six months ended June 30, 2013 and 1.8 million shares for both the three and six months ended June 30, 2012 were excluded from the calculation of diluted weighted-average common shares outstanding.