Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v2.3.0.15
Earnings Per Share
 9 Months Ended
Sep. 30, 2011
Earnings Per Share  
Earnings Per Share

10.           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):

 

 

 

Nine months
ended

 

Three months
ended

 

 

 

September 30,

 

September 30,

 

 

 

2011

 

2010

 

2011

 

2010

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

3,565

 

$

2,935

 

$

1,494

 

$

1,257

 

Denominator:

 

 

 

 

 

 

 

 

 

Weighted average shares (Basic)

 

4,411

 

4,380

 

4,406

 

4,389

 

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

 

207

 

95

 

169

 

113

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares including assumed conversions (Diluted)

 

4,618

 

4,475

 

4,575

 

4,502

 

 

 

 

 

 

 

 

 

 

 

Basic net income per share

 

$

0.81

 

$

0.67

 

$

0.34

 

$

0.29

 

Diluted net income per share

 

$

0.77

 

$

0.66

 

$

0.33

 

$

0.28