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Income Per Share
 3 Months Ended
Mar. 31, 2012
Income Per Share  
Income Per Share

(8)                   Income Per Share

 

Basic income per share is based on the weighted average number of shares of common stock outstanding.  Diluted income per share is based upon the weighted average of common shares and dilutive common stock equivalent shares outstanding during each period.

 

The weighted average number of shares used to compute basic and diluted net income per share consisted of the following:

 

 

 

Three Months Ended

 

 

 

31-Mar-2012

 

31-Mar-2011

 

Weighted average common shares outstanding, basic

 

6,588,367

 

6,393,521

 

Weighted average common equivalent shares due to stock options and RSUs

 

441,830

 

575,840

 

Weighted average common shares outstanding, diluted

 

7,030,197

 

6,969,361

 

 

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 income per share because the effect would have been antidilutive.  For the three-month periods ended March 31, 2012, and 2011, the number of stock awards excluded from the computation was 10,000 and zero.