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Income Per Common Share
 9 Months Ended
Sep. 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

 

Nine Months Ended

 

September 30,

 

September 30,

Basic income per common share

2013

 

2012

 

2013

 

2012

Net income

$
3,169 

 

$
1,538 

 

$
7,146 

 

$
5,863 

Net income allocated to participating securities

 
(72)

 

 
(36)

 

 
(163)

 

 
(133)

Net income allocated to common shareholders

$
3,097 

 

$
1,502 

 

$
6,983 

 

$
5,730 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common shares outstanding

 
26,985 

 

 
26,810 

 

 
26,857 

 

 
26,951 

Basic income per common share

$
0.11 

 

$
0.06 

 

$
0.26 

 

$
0.21 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

September 30,

 

September 30,

Diluted income per common share

2013

 

2012

 

2013

 

2012

Net income

$
3,169 

 

$
1,538 

 

$
7,146 

 

$
5,863 

Net income allocated to participating securities

 
(70)

 

 
(36)

 

 
(160)

 

 
(131)

Net income allocated to common shareholders

$
3,099 

 

$
1,502 

 

$
6,986 

 

$
5,732 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average common shares outstanding

 
26,985 

 

 
26,810 

 

 
26,857 

 

 
26,951 

Effect of dilutive stock options and awardsa

 
714 

 

 
400 

 

 
642 

 

 
378 

Diluted weighted-average common shares outstanding

 
27,699 

 

 
27,210 

 

 
27,499 

 

 
27,329 

Diluted income per common share

$
0.11 

 

$
0.06 

 

$
0.25 

 

$
0.21 

___________________  

aThe 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 1.1 million shares for the three months ended and 1.2 million shares for the nine months ended September 30, 2013 and 1.7 million shares for both the three and nine months ended September 30, 2012 were excluded from the calculation of diluted weighted-average common shares outstanding.