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Net Income Per Share
 12 Months Ended
Dec. 31, 2011
Net Income Per Share  
Net Income Per Share

(12)              Net Income Per Share

 

Basic income per share is based upon the weighted average common shares outstanding during each year. Diluted income per share is based upon the weighted average of common shares and dilutive common stock equivalent shares outstanding during each year. The weighted average number of shares used to compute both basic and diluted income per share consisted of the following:

 

 

 

Years Ended December 31

 

 

 

2011

 

2010

 

2009

 

Basic weighted average common shares outstanding during the year

 

6,475,540

 

6,157,310

 

5,829,580

 

Weighted average common equivalent shares due to stock options and restricted stock units

 

523,760

 

591,752

 

464,384

 

Diluted weighted average common shares outstanding during the year

 

6,999,300

 

6,749,062

 

6,293,964

 

 

The computation of diluted earnings per share excludes the effect of the potential exercise of stock awards, including stock options, when the average market price of the common stock is lower than the exercise price of the related options during the period. These outstanding stock awards are not included in the computation of diluted earnings per share because the effect would have been antidilutive. For the years ended December 31, 2011, 2010, and 2009, the number of stock awards excluded from the computation was 23,205, 101,769, and 190,484, respectively.