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NET INCOME PER SHARE
 6 Months Ended
Jun. 30, 2012
NET INCOME PER SHARE
8. NET INCOME PER SHARE

 

Per share results have been computed based on the average number of common shares outstanding. The computation of basic and diluted net income per share is determined using net income applicable to common stockholders as the numerator and the number of shares included in the denominator as follows (in thousands, except per share amounts):

 

 

    Three Months Ended
June 30,		     Six Months Ended
June 30,		  
    2012     2011     2012     2011  
Basic net income per share:                                
Net income applicable to common stockholders   $ 1,942     $ 3,302     $ 7,006     $ 6,499  
Undistributed earnings allocated to participating securities     (16 )     (19 )     (60 )     (37 )
Net income applicable to common stockholders excluding amounts applicable to participating securities   $ 1,926     $ 3,283     $ 6,946     $ 6,462  
Weighted average common shares outstanding     68,323       68,087       68,284       68,048  
Basic net income per share   $ 0.03     $ 0.05     $ 0.10     $ 0.09  
                                 
Diluted net income per share:                                
Net income applicable to common stockholders   $ 1,942     $ 3,302     $ 7,006     $ 6,499  
Undistributed earnings allocated to participating securities     (16 )     (19 )     (60 )     (37 )
Net income applicable to common stockholders excluding amounts applicable to participating securities   $ 1,926     $ 3,283     $ 6,946     $ 6,462  
                                 
Weighted average common shares outstanding     68,323       68,087       68,284       68,048  
Dilutive stock options and restricted stock     202       357       287       429  
Diluted weighted average common shares outstanding     68,525       68,444       68,571       68,477  
Diluted net income per share   $ 0.03     $ 0.05     $ 0.10     $ 0.09  

  

Average diluted shares outstanding for the three and six month periods ending June 30, 2012 and 2011 exclude options to purchase common shares totaling 1,801 and 1,234, respectively, and 1,567 and 999, respectively, because the exercise prices were greater than the average market price of the common shares. In addition, the calculation of diluted net income per share excludes the impact of the Company’s Notes as the average stock price of the Company’s common stock was below the initial conversion price of approximately $11.70 per share for the quarter ending June 30, 2012. The Notes may have a dilutive impact if the average market price of the Company’s common stock is above the conversion price of the Notes.