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Income Per Share of Common Stock
 3 Months Ended
Mar. 31, 2013
Income Per Share of Common Stock  
Income Per Share of Common Stock

5.              Income Per Share of Common Stock

 

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

 

 

 

Quarter Ended

 

 

 

March 31,

 

 

 

2013

 

2012

 

Net income for basic and diluted income per common share

 

$

2,757

 

$

4,624

 

Weighted-average shares for basic income per common share

 

5,558

 

6,172

 

Effect of dilutive securities:

 

 

 

 

 

Employee and director stock options (1)

 

10

 

16

 

Adjusted weighted-average shares and assumed exercises for diluted income per common share

 

5,568

 

6,188

 

Basic net income per common share

 

$

0.50

 

$

0.75

 

Diluted net income per common share

 

$

0.50

 

$

0.75

 

 

 

(1)  Excludes 9.9 stock options for the quarter ended March 31, 2013 as anti-dilutive because the exercise price exceeded the average per share market price for the period.