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Earnings and Cash Dividends per Common Share
 9 Months Ended
Sep. 30, 2012
Earnings and Cash Dividends per Common Share [Abstract]  
Earnings and Cash Dividends per Common Share
Note 3.  Earnings and Cash Dividends per Common Share

Basic earnings per share (EPS) are computed by dividing net income by the weighted average number of shares of common stock outstanding during the applicable period. Shares used in the EPS dilution calculation are based on the weighted average number of shares of common stock outstanding during the period increased by potentially dilutive common shares. Potentially dilutive common shares include stock options and stock subscribed under the HickoryTech Corporation Amended and Restated Employee Stock Purchase Plan (ESPP). Dilution is determined using the treasury stock method.
 
     
Three Months Ended September 30
  
Nine Months Ended September 30
   
2012
  
2011
   2012  
2011
(Dollars in thousands, except share and earnings per share amounts)
         
(Restated)
      
(Restated)
Net Income
  $
1,741
  $ 
 2,133
 $ 
 5,773
 $ 
6,827
                    
Weighted average shares outstanding
   
 13,511,009
   
 13,394,225
  
 13,483,358
  
 13,363,874
Stock options (dilutive only)
   
 15,316
   
 13,310
  
 14,628
  
 11,272
Stock subscribed (ESPP)
   
 550
   
 1,879
  
 282
  
 1,115
Total dilutive shares outstanding
   
 13,526,875
   
 13,409,414
  
 13,498,268
  
 13,376,261
                    
Earnings per share:
                  
    Basic and Diluted
  $
0.13
  $ 
0.16
 $ 
 0.43
 $ 
0.51
                    
Dividends per share
  $
0.14
  $ 
0.135
 $ 
 0.42
 $ 
 0.405

Options to purchase 78,900 and 179,250 shares for the three months ended September 30, 2012 and 2011, respectively and 78,900 and 195,250 shares for the nine months ended September 30, 2012 and 2011, respectively were not included in the computation of diluted EPS, because their effect on diluted EPS would have been anti-dilutive.

Cash dividends are based on the number of common shares outstanding at their respective record dates. The number of shares outstanding as of the record date for the first three quarters of 2012 and 2011, respectively, are as follows:
 
Shares outstanding on record date
 
2012
  
2011
 
First quarter (February 15)
  13,409,941   13,311,817 
Second quarter (May 15)
  13,479,677   13,358,971 
Third quarter (August 15)
  13,494,599   13,383,012 

Dividends per share are based on the quarterly dividend per share as declared by the HickoryTech Board of Directors. HickoryTech paid dividends of $0.14 and $0.135 per share in the third quarter of 2012 and 2011, respectively. During the first nine months of 2012 and 2011, shareholders have elected to reinvest $223,000 and $204,000, respectively, of dividends into HickoryTech common stock pursuant to the HickoryTech Corporation Dividend Reinvestment Plan.