3. Income per share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Income per share

The following is the computation for basic and diluted income per share:

	Three Months Ended September 30,				Nine months Ended September 30,
	2014		2013		2014		2013
	(in thousands, except per share amounts)
Net income	$	7,685	$	7,673	$	21,768	$	20,813
Weighted average basic shares outstanding		1,949		2,007		1,964		2,014
Add:  Effect of dilutive securities		17		9		16		5
Weighted average diluted shares outstanding		1,966		2,016		1,980		2,019
Earnings per share:
Basic	$	3.94	$	3.82	$	11.08	$	10.33
Diluted	$	3.91	$	3.81	$	10.99	$	10.31

Incremental shares from stock options and restricted stock units were included in the calculation of weighted average diluted shares outstanding using the treasury stock method. Dilutive securities representing zero and 1,545 shares of common stock for the quarters ended September 30, 2014 and 2013, respectively, were excluded from the computation of weighted average diluted shares outstanding because their effect would have been anti-dilutive.