Earnings per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings per Share

2. Earnings per Share

Basic earnings per share are calculated by dividing 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
	March 31,
	2015	2014
Denominator:
Weighted average common shares for basic earnings per share	17,296,978	17,850,911
Effect of dilutive securities	79,950	93,099
Weighted average common shares for diluted earnings per share	17,376,928	17,944,010

The weighted average common shares for diluted earnings per share exclude stock options to purchase 564,746 and 448,410 shares for the three months ended March 31, 2015 and 2014, 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.