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Income Per Share
 6 Months Ended
Jun. 30, 2011
Income Per Share [Abstract]  
Income Per Share
4. Income Per Share
The Company has presented net income per common share pursuant to Accounting Standards Codification (“ASC”) 260 “Earnings Per Share.” Basic net income per common share is computed by dividing reported net income available to common shareholders by the weighted average number of shares outstanding for the period.
Diluted net income per common share is computed by dividing reported net income available to common shareholders by the weighted average shares outstanding for the period, adjusted for the dilutive effect of common stock equivalents, which consist of stock options, using the treasury stock method.
The table below sets forth the computation of basic and diluted net income per share:
                                 
    Three Months Ended June 30,     Six Months Ended June 30,  
    2011     2010     2011     2010  
    (in thousands, except per share              
    amounts)              
Net income available to common shareholders:
                               
Net income available to common shareholders from continuing operations
  $ 3,616     $ 2,063     $ 7,218     $ 3,339  
 
                               
Shares:
                               
Basic weighted average number of common shares outstanding
    4,523       6,027       4,507       6,076  
Common shares assumed upon exercise of stock options
    53       39       51       35  
 
                       
Diluted weighted average number of common shares outstanding
    4,576       6,066       4,558       6,111  
 
                       
 
                               
Basic net income (loss) per common share:
                               
Income from continuing operations
  $ 0.80     $ 0.34     $ 1.60     $ 0.55  
Income (loss) from discontinued operations (net of tax)
    0.13       (0.17 )     0.09       (0.20 )
 
                       
Net income
  $ 0.93     $ 0.17     $ 1.69     $ 0.35  
 
                       
 
                               
Diluted net income (loss) per common share:
                               
Income from continuing operations
  $ 0.79     $ 0.34     $ 1.58     $ 0.55  
Income (loss) from discontinued operations (net of tax)
    0.13       (0.17 )     0.09       (0.20 )
 
                       
Net income
  $ 0.92     $ 0.17     $ 1.67     $ 0.35  
 
                       
No stock options were excluded from the dilutive computation for the six-months ended June 30, 2011, since all option exercise prices were less than the average market price of the Company’s common stock. For the six-months ended June 30, 2010, approximately 328,000 stock options were excluded from the dilutive computation because the option exercise prices were greater than the average market price of the Company’s common stock.