Earnings per Share

9 Months Ended

Sep. 30, 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				Nine Months Ended
	September 30,				September 30,
	2015		2014		2015		2014
Denominator:
Weighted average common shares for basic earnings per share		17,017,334		17,520,810		17,137,730		17,672,010
Effect of dilutive securities		54,794		87,592		52,934		77,698
Weighted average common shares for diluted earnings per share		17,072,128		17,608,402		17,190,664		17,749,708

The weighted average common shares for diluted earnings per share exclude stock options to purchase 632,736 and 452,475 shares for the three months ended September 30, 2015 and 2014, respectively, and 606,405 and 489,313 shares for the nine months ended September 30, 2015 and 2014. 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.