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Earnings Per Share
 9 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share

Note 6: Earnings Per Share

The following table presents reconciliations of the calculations of basic and diluted earnings per common share for the periods indicated:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

Nine Months Ended

 

September 30,

September 30,

(In thousands except per share data)

2012

2011

2012

2011

Net income

$
4,005 

$
4,181 

$
11,354 

$
10,911 

Weighted average common shares outstanding

 
6,269 

 
6,221 

 
6,252 

 
6,206 

Dilutive effect of common stock equivalents

 
11 

 
10 

 
12 

 
7 

Weighted average common and common equivalent

 

 

 

 

 

 

 

 

shares outstanding

 
6,280 

 
6,231 

 
6,264 

 
6,213 

Basic earnings per common share

$
0.64 

$
0.67 

$
1.82 

$
1.76 

Diluted earnings per common share

$
0.64 

$
0.67 

$
1.81 

$
1.76 

 

 

Basic earnings per common share were computed by dividing net income by the weighted average number of shares of common stock outstanding for the three and nine months ended September 30, 2012. For the three and nine months ended September 30, 2012, there were no anti-dilutive stock options outstanding which were not considered in the calculation of diluted earnings per share because the stock options’ exercise price was greater than the average market price during these periods.