Income Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Income Per Share

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,
	2013			2012			2013			2012
	(in thousands, except per share amounts)
Basic net income available to common shareholders:
Net income available to common shareholders from continuing operations	$	3,434		$	2,865		$	8,670		$	5,719
Diluted net income available to common shareholders from continuing operations	$	3,434		$	2,865		$	8,670		$	5,719
Shares:
Basic weighted average number of common shares outstanding		4,134			4,121			4,144			4,375
Common shares assumed upon exercise of stock options		50			12			46			15
Diluted weighted average number of common shares outstanding		4,184			4,133			4,190			4,390
Basic net income (loss) per common share:
Income from continuing operations	$	0.83		$	0.69		$	2.09		$	1.31
(Loss) from discontinued operations (net of tax)		(0.07	)		(0.11	)		(0.18	)		(0.21	)
Net income	$	0.76		$	0.58		$	1.91		$	1.10
Diluted net income (loss) per common share:
Income from continuing operations	$	0.82		$	0.69		$	2.07		$	1.30
(Loss) from discontinued operations (net of tax)		(0.07	)		(0.11	)		(0.18	)		(0.20	)
Net income	$	0.75		$	0.58		$	1.89		$	1.10

For the three and nine months ended September 30, 2013, no stock options were excluded from the dilutive computation because the option exercise prices were not greater than the average market price of the Company’s common stock.

For the three and nine months ended September 30, 2012, 9,000 and 6,000 stock options were excluded from the dilutive computation, respectively, because the option exercise prices were greater than the average market price of the Company’s common stock.