Earnings Per Share

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share

8. Earnings Per Share

Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted average number of common stock outstanding during the period. For the three months ended March 31, 2013 and 2012, diluted earnings per share was calculated by dividing net income available to common stockholders 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 March 31,
	2013	2012
Basic weighted average stock outstanding	34,990	30,742
Effect of dilutive securities
Employee stock options	473	453
Restricted stock units	1,242	41
Warrants	38	893
Diluted weighted average stock outstanding	36,743	32,129

The Company had additional stock options and warrants outstanding of 308,698 as of March 31, 2012. 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. As of March 31, 2013, all stock options and warrants were included in the computation of diluted earnings per share.