Net Income Per Common Share (Tables)

12 Months Ended

Dec. 31, 2012

Computation of Basic and Diluted Net Income Per Common Share

The computation of basic and diluted net income per common share for the years ended December 31, 2012, 2011 and 2010 is as follows:

For the years ended December 31,	2012		2011		2010
(dollars in thousands, except per share amounts)
Numerator:
Net income	$	14,617	$	18,122	$	13,242
Adjustment for interest expense on convertible notes, net of capitalized interest		458		119		-
Net income, as adjusted	$	15,075	$	18,241	$	13,242
Denominator:
Weighted average number of shares of Common Stock outstanding		6,874,669		6,826,490		6,782,576
Weighted average effect of dilutive stock options and other stock compensation		151,223		153,397		85,679
Weighted average effect of assumed conversion of convertible notes (A)		428,138		158,937		-
Weighted average number of shares of Common Stock outstanding, as adjusted		7,454,030		7,138,824		6,868,255
Net income per common share:
Net income per common share – Basic	$	2.13	$	2.65	$	1.95
Net income per common share – Diluted	$	2.02	$	2.56	$	1.93

(A) The weighted average for the assumed conversion of the Notes was calculated from the August 18, 2011 issuance.