Earnings per Share

6 Months Ended

Jun. 30, 2011

Earnings per Share

7. Earnings per Share

Basic earnings per share (“EPS”) computations are calculated utilizing the weighted average number of common shares outstanding during the periods presented. Diluted EPS is calculated utilizing the weighted average number of common shares outstanding adjusted for the effect of dilutive common stock equivalents.

The following table sets forth the computation of basic and diluted EPS for the three and six months ended June 30:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
Numerator:
Net income	$	5,944,000	$	5,538,000	$	12,302,000	$	10,439,000
Denominator:
Weighted average shares of common stock outstanding		14,175,990		14,014,744		14,219,532		13,970,333
Effect of dilutive common stock equivalents		285,326		727,289		270,227		696,065
		.
Weighted average diluted common shares outstanding		14,461,316		14,742,033		14,489,759		14,666,398
EPS
Basic	$	0.42	$	0.40	$	0.87	$	0.75
Diluted	$	0.41	$	0.38	$	0.85	$	0.71