Income Per Share

9 Months Ended

Sep. 30, 2011

4. Income Per Share

The Company has presented net income per common share pursuant to Accounting Standards Codification (“ASC”) 260 “Earnings Per Share.” Basic net income per common share is computed by dividing reported net income available to common shareholders by the weighted average number of shares outstanding for the period.

Diluted net income per common share is computed by dividing reported net income available to common shareholders by the weighted average shares outstanding for the period, adjusted for the dilutive effect of common stock equivalents, which consist of stock options, using the treasury stock method.

The table below sets forth the computation of basic and diluted net income per share:


	Three Months Ended September 30,						Nine Months Ended September 30,
	2011			2010			2011		2010
	(in thousands, except per share amounts)

Net income available to common shareholders:
Net income available to common shareholders from continuing operations	$	2,537		$	2,325		$	9,755	$	5,664

Shares:
Basic weighted average number of common shares outstanding		4,556			6,043			4,524		6,065
Common shares assumed upon exercise of stock options		35			36			46		35

Diluted weighted average number of common shares outstanding		4,591			6,079			4,570		6,100


Basic net income (loss) per common share:
Income from continuing operations	$	0.56		$	0.38		$	2.16	$	0.93
Income (loss) from discontinued operations (net of tax)		(0.06	)		(0.04	)		0.03		(0.24	)

Net income	$	0.50		$	0.34		$	2.19	$	0.69


Diluted net income (loss) per common share:
Income from continuing operations	$	0.55		$	0.38		$	2.14	$	0.93
Income (loss) from discontinued operations (net of tax)		(0.05	)		(0.04	)		0.03		(0.24	)

Net income	$	0.50		$	0.34		$	2.17	$	0.69

The number of anti-dilutive common share equivalents excluded from the computation of diluted earnings per share for the three and nine month periods ended September 30, 2011 were 2,000 and 3,000 weighted-average common share equivalents, respectively.

The number of anti-dilutive common share equivalents excluded from the computation of diluted earnings per share for the three and nine month periods ended September 30, 2010 were 36,000 and 45,000 weighted-average common share equivalents, respectively.