Earnings Per Share

6 Months Ended

Jun. 30, 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 and six months ended June 30, 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 for the three and six months ended June 30, 2013 and 2012 (in thousands). In the June 30, 2012 financial statements, the dilutive impact of warrants and restricted stock units in the table below were transposed between the respective line items for the six months ended June 30, 2012; the total was correct. The table below reflects the correction of those amounts:

	Three Months Ended June 30,		Six Months Ended June 30,
	2013	2012	2013	2012
Basic weighted average stock outstanding	35,585	30,821	35,289	30,782
Effect of dilutive securities
Employee stock options	465	451	477	451
Warrants	1,214	910	636	903
Restricted stock units	43	4	40	46
Diluted weighted average stock outstanding	37,307	32,186	36,442	32,182

The Company had additional stock options and warrants outstanding of 308,698 as of June 30, 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 June 30, 2013, all stock options and warrants were included in the computation of diluted earnings per share.