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Earnings Per Share
 6 Months Ended
Jun. 30, 2013
Earnings Per Share  
Earnings Per Share

8. Earnings Per Share

        The Company computes earnings per share using the two-class method, an earnings allocation formula that determines earnings per share for common stock and participating securities according to dividends declared and participation rights in undistributed earnings, when that method results in a more dilutive effect than the Treasury method. The Company's unvested grants of restricted stock contain non-forfeitable rights to dividends, should any be declared, and are treated as participating securities and included in the computation of earnings per share.

        Net income available to common shareholders and the weighted average number of common shares used to compute basic and diluted earnings per share was as follows:

 
   Three months ended
June 30,		   Six months ended
June 30,		  
(In thousands, except per share data)
  2013   2012   2013   2012  

Numerator:

                          

Net income

   $ 9,462   $ 9,535   $ 16,422   $ 15,745  

Less: Net income allocated to participating securities

     94     83     154     120  
                   

Net income available to common shareholders

   $ 9,368   $ 9,452   $ 16,268   $ 15,625  
                   

Denominator:

                          

Weighted average common shares outstanding

     20,785     20,338     20,723     20,319  

Weighted average dilutive securities

     612     756     660     779  
                   

Weighted average common shares outstanding, diluted

     21,397     21,094     21,383     21,098  
                   

Income per common share, basic

   $ 0.45   $ 0.46   $ 0.79   $ 0.77  

Income per common share, diluted

   $ 0.44   $ 0.45   $ 0.76   $ 0.74  

        Potential common shares related to the assumed exercise of stock options are not included in the denominator of the diluted earnings per share calculation if the inclusion of such shares would either be anti-dilutive or if the exercise prices of those common stock equivalents were greater than the average market price of the Company's common stock for the period. For the three and six months ended June 30, 2013 outstanding stock options of approximately 221,000 were excluded as common stock equivalents from the diluted earnings per share. For the three and six months ended June 30, 2012 outstanding stock options of approximately 358,000 and 112,000, respectively, were excluded as common stock equivalents from the diluted earnings per share. Additionally, for the three and six months ended June 30, 2012, potential common shares related to the unvested portion of performance awards of approximately 12,000 shares were excluded from the denominator of the diluted earnings per share calculation as the underlying performance obligation was not met as of the end of the period.