Earnings per share

3 Months Ended

Mar. 31, 2013

10. Earnings per share

For the three months ended March 31, 2013 and 2012, there were no adjustments to net income for purposes of calculating basic and diluted net income available to common shareholders. The following is a reconciliation of the weighted average shares used in the basic and diluted net income per common share computations.


	Three Months Ended March 31,
	2013		2012
Weighted average common shares-basic		19,431,093		18,675,694
Effect of dilutive securities:
Unexercised stock options net of treasury share repurchase		260,048		440,501

Weighted average common shares-diluted		19,691,141		19,116,195

Options to purchase shares of common stock with exercise prices in excess of the average market price of common shares are not included in the computation of diluted earnings per share. There were 973,037 and 714,686 outstanding options not included in the diluted earnings per share computation for the three months ended March 31, 2013 and 2012, respectively, because the inclusion of these options was anti-dilutive.

- Definition

The entire disclosure for earnings per share.

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