Earnings Per Share

Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average common stock outstanding during the period. At June 30, 2011 and June 30, 2010, diluted earnings per share is calculated by dividing net income by the weighted average common stock outstanding plus stock equivalents that would arise from the assumed exercise of stock options and conversion of warrants using the treasury stock method. There is no difference, for any of the periods presented, in the amount of net income available to common stockholders used in the computation of basic and diluted earnings per share.

The following table reconciles basic weighted average stock outstanding to diluted weighted average stock outstanding (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Basic weighted average stock outstanding		30,285		25,497		30,227		21,906
Effect of dilutive securities:
Employee stock options		510		—		506		—
Restricted stock units		6		—		3		—
Warrants		721		—		721		—

Dilutive weighted average stock outstanding		31,522		25,497		31,457		21,906

The Company had additional stock options and warrants outstanding of 308,698 and 6,068,378 as of June 30, 2011 and 2010, respectively. These shares were not included in the computation of diluted earnings per share because they were not assumed to be exercised under the treasury stock method or were anti-dilutive.