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Computation of Earnings Per Share
 3 Months Ended
Mar. 31, 2014
Earnings Per Share [Abstract]  
Computation of Earnings Per Share

(2) Computation of Earnings Per Share

The calculation of basic earnings per common share and diluted earnings per common share was as follows (in thousands, except per share amounts):

 

     First Quarter  
     2014      2013  

Numerator:

      

Net income

    $ 8,576      $ 9,155  
  

 

 

     

 

 

  

Denominator:

      

Denominator for basic earnings per share–weighted average common shares

      24,382        23,985  

Effect of dilutive stock options

      244        303  

Effect of other common stock equivalents

      735        660  
  

 

 

     

 

 

  

Denominator for diluted earnings per share–adjusted weighted average common shares

      25,361        24,948  
  

 

 

     

 

 

  

Basic Earnings Per Share

    $ 0.35      $ 0.38  
  

 

 

     

 

 

  

Diluted Earnings Per Share

    $ 0.34      $ 0.37  
  

 

 

     

 

 

  

For the quarter ended March 31, 2014, options to purchase 259,880 shares of common stock of the Company were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive. For the quarter ended March 31, 2013, options to purchase zero shares of common stock of the Company were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive.