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Earnings Per Share
9 Months Ended
Sep. 30, 2011
Earnings Per Share [Abstract] 
Earnings Per Share

3. Earnings Per Share

Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur assuming vesting, conversion or exercise of all dilutive unexercised stock options and restricted stock. The dilutive effect of stock options was determined using the treasury stock method. Stock options are not included in the computation of diluted earnings per share when the stock option exercise price of an individual grant exceeds the average market price for the period.

 

Set forth below is a reconciliation of shares used to compute earnings per share (in thousands):

 

     For the three months ended
September 30,		      For the nine months ended
September 30,		  
     2010      2011      2010      2011  

Weighted average shares outstanding used to compute basic net income per share

      13,467         11,623         13,542         12,016   

Incremental shares issuable upon the assumed exercise of stock options

      35         —           39         11   

Unvested restricted stock

      55         24         82         28   
  

 

 

     

 

 

     

 

 

     

 

 

  

Shares used to compute diluted earnings per share

      13,557         11,647         13,663         12,055   
  

 

 

     

 

 

     

 

 

     

 

 

  

The decrease in weighted average shares outstanding during the three and nine months ended September 30, 2011 is due primarily to stock repurchases by the Company.