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Basic and Diluted Earnings Per Share
 6 Months Ended
Jun. 30, 2012
Basic and Diluted Earnings Per Share [Abstract]  
Basic and Diluted Earnings Per Share

Note 3—Basic and Diluted Earnings Per Share

 

Basic earnings per share are computed based on the weighted average number of common shares outstanding during the period. Diluted earnings per common share reflect the potential effects of the exercise of outstanding stock options. Basic and diluted common shares outstanding are summarized as follows:

 

                                 
    Three Months Ended     Six Months Ended  
    June 30,     June 30,  
    2012     2011     2012     2011  

Weighted average number of basic common shares outstanding

     6,995,066       10,195,989       8,434,962       10,198,440  
         

Assumed exercise of stock options, net of shares assumed repurchased at average market price during the period using proceeds received upon exercise of options

     83,010       48,725       76,313       47,805  
   

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average number of diluted common shares outstanding

     7,078,076       10,244,714       8,511,275       10,246,245