Computation of Earnings Per Share

9 Months Ended

Sep. 30, 2012

Computation of Earnings Per Share [Abstract]

Computation of Earnings Per Share

(2) Computation of Earnings Per Share

The calculation of basic earnings per common share and diluted earnings per common share was as follows (in thousands, except per share amounts):

	Third Quarter				Nine Months
	2012		2011		2012		2011
Numerator:
Net income	$	9,256	$	4,829	$	26,642	$	8,900
Denominator:
Denominator for basic earnings per share–weighted average common shares		15,900		15,800		15,873		15,786
Effect of dilutive stock options		135		35		114		43
Effect of other common stock equivalents		540		325		542		316
Denominator for diluted earnings per share–adjusted weighted average common shares		16,575		16,160		16,529		16,145
Basic Earnings Per Share	$	0.58	$	0.31	$	1.68	$	0.56
Diluted Earnings Per Share	$	0.56	$	0.30	$	1.61	$	0.55

For the quarter and nine months ended September 30, 2012, respectively, options to purchase 108,030 and 109,799 shares of common stock of the Company were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive. For the quarter and nine months ended September 30, 2011, respectively, options to purchase 406,052 and 278,995 shares of common stock of the Company were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive.