Net Income Per Share

6 Months Ended

Jun. 30, 2011

(8) Net Income Per Share

Basic net income per share was computed by dividing net income by the weighted-average number of Common Shares outstanding for each respective period. Diluted net income per share was calculated by dividing net income by the weighted-average of all potentially dilutive Common Shares that were outstanding during the periods presented. Actual weighted-average Common Shares outstanding used in calculating basic and diluted net income per share were as follows:

	Three months ended				Six months ended
	June 30,				June 30,
	2011		2010		2011		2010

Basic weighted-average shares outstanding		24,161,775		23,964,609		24,089,679		23,922,193
Effect of dilutive securities		444,330		424,635		455,109		429,004
Diluted weighted-average shares outstanding		24,606,105		24,389,244		24,544,788		24,351,197

Options not included in the computation of diluted net income share to purchase 50,000 and 115,250 Common Shares at an average price of $15.73 and $12.84, respectively, per share were outstanding at June 30, 2011 and 2010, respectively. These outstanding options were not included in the computation of diluted net income per share because their respective exercise prices were greater than the average market price of Company Common Shares.

There were 419,100 and 455,400 performance-based restricted Common Shares outstanding at June 30, 2011 and 2010, respectively. These shares were not included in the computation of diluted net income per share because not all vesting conditions were achieved as of June 30, 2011 and 2010. These shares may or may not become dilutive based on the Company’s ability to meet or exceed future earnings performance targets.

- Definition

The entire disclosure for earnings per share.

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