Net Income Per Common Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

Net Income (Loss) Per Common Share

Net income (loss) per common share, as shown on the Condensed Consolidated Statements of Income (Unaudited), is determined on the basis of the weighted average number of common shares outstanding during the period as follows:

	Three Months Ended		Nine Month Ended
	September 30,		September 30,
	2014	2013	2014	2013
Weighted average common shares outstanding
Basic	31,641,680	33,670,639	32,510,415	33,574,801
Dilutive effect of stock options and restricted stock	—	538,170	488,967	416,220
Weighted average common shares outstanding diluted	31,641,680	34,208,809	32,999,382	33,991,021

Options to purchase 198,500 shares of common stock that were outstanding for the nine month period ended September 30, 2014, were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of common shares. There were 435,559 dilutive common shares excluded from the computation of loss per common share for three months ended September 30, 2014 due to the Company's net loss for the period. Options to purchase 123,900 shares of common stock that were outstanding for the nine month period ended September 30, 2013, were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of common shares.