EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2013

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 11—EARNINGS PER SHARE

The following weighted average shares and share equivalents are used to calculate basic and diluted earnings per share for the three months ended March 31, 2013 and 2012:

	For the three months ended March 31,
	2013	2012
Weighted average number of shares outstanding used to calculate basic earnings per share	33,570,130	21,750,573
Dilutive securities
Unvested restricted shares	586,630	97,707
Weighted average number of shares and share equivaltents outstanding used to calculate diluted earnings per share	34,156,760	21,848,280

The assumed proceeds used in the treasury method used for calculating the dilutive impact of restricted stock awards includes the unrecognized compensation costs and excess tax benefits associated with the awards. Options issued under the 2010 Equity Incentive Plan to purchase 7,375 and 122,493 shares of common stock were outstanding during the three months ended March 31, 2013 and 2012, respectively, but were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive.