Net Income Per Common Share

9 Months Ended

Sep. 30, 2013

Net Income Per Common Share

Net Income Per Common Share

Note 8 — Net Income Per Common Share

The Company determines basic earnings per share by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is determined by dividing net income by the weighted average number of shares outstanding increased by the number of shares that would be issued assuming the exercise of stock options. At September 30, 2013 and 2012, stock options to purchase 199,306 and 172,880 shares at an average price of $16.09 and $15.63, respectively, were outstanding.  For the nine months ended September 30, 2013 and 2012, the dilutive effect of stock options was 116,012 and 50,057 shares, respectively.