Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

 v2.3.0.11
Earnings Per Share
 6 Months Ended
Jun. 30, 2011
Earnings Per Share  
Earnings Per Share

9.           Basic Earnings Per Share (“EPS”) is computed by dividing net income by the weighted average number of shares outstanding during the period. Diluted EPS is computed considering the potentially dilutive effect of outstanding stock options and non-vested shares of restricted stock. A reconciliation of the numerators and denominators of the basic and diluted per share computations follows (in thousands, except share and per share data):

 

 

 

Six months
ended

 

Three months
ended

 

 

 

June 30,

 

June 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income

 

$

2,071

 

$

1,678

 

$

1,228

 

$

1,055

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average shares (Basic)

 

4,414

 

4,376

 

4,414

 

4,380

 

Dilutive effect of outstanding options and non-vested shares of restricted stock

 

233

 

85

 

231

 

113

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares including assumed conversions (Diluted)

 

4,647

 

4,461

 

4,645

 

4,493

 

 

 

 

 

 

 

 

 

 

 

Basic net income per share

 

$

0.47

 

$

0.38

 

$

0.28

 

$

0.24

 

Diluted net income per share

 

$

0.45

 

$

0.38

 

$

0.26

 

$

0.23