Earnings per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings per Share

2. Earnings per Share

Basic earnings per share is calculated by dividing the net income by the weighted average number of common shares outstanding. Diluted earnings per share include the dilutive effects of stock options and unvested restricted stock awards and units.

The following reconciles the denominator used in the calculation of diluted earnings per share:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2013		2012		2013		2012
Denominator:
Weighted average common shares for basic earnings per share		17,800,056		17,725,549		17,776,500		17,712,075
Effect of dilutive securities		98,855		80,430		95,807		98,366
Weighted average common shares for diluted earnings per share		17,898,911		17,805,979		17,872,307		17,810,441

The weighted average common shares for diluted earnings per share exclude stock options to purchase 497,045 and 598,564 shares for the three months ended June 30, 2013 and 2012, respectively, and 549,525 and 449,282 shares for the six months ended June 30, 2013 and 2012, respectively. These options have been excluded from the calculation, as including them would have an anti-dilutive effect on earnings per share for the respective periods.