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Net Income Per Common Share
 3 Months Ended
Jun. 30, 2012
Net Income Per Common Share  
Net Income Per Common Share

7.  Net Income Per Common Share

 

Basic net income per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per common share uses the treasury stock method to compute the weighted average common stock outstanding assuming the conversion of potentially dilutive common shares.

 

The following table presents a reconciliation of the denominators used in the computation of net income per common share - basic and diluted:

 

 

 

Three Months Ended
June 30,

 

(Amounts in thousands except earnings per share)

 

2012

 

2011

 

Net income available for shareholders

 

$

2,099

 

$

1,679

 

Weighted average outstanding shares of common stock

 

3,337

 

3,274

 

Dilutive effect of stock options

 

204

 

140

 

Common stock and equivalents

 

3,541

 

3,414

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

Basic

 

$

0.63

 

$

0.51

 

Diluted

 

0.59

 

0.49

 

 

For the three months ended June 30, 2012, 101,433 outstanding stock options were excluded from the calculation of diluted earnings per share because the exercise prices of the stock options were greater than or equal to the average price of the common shares and, therefore, their inclusion would have been anti-dilutive.  No stock options were excluded for the period ended June 30, 2011.