Net Income Per Share

9 Months Ended

Sep. 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				Nine months ended
	September 30,				September 30,
	2011		2010		2011		2010

Basic weighted-average shares outstanding		24,163,568		23,972,045		24,114,246		23,938,839
Effect of dilutive securities		425,325		384,482		460,234		420,110
Diluted weighted-average shares outstanding		24,588,893		24,356,527		24,574,480		24,358,949

Options not included in the computation of diluted net income per share to purchase 50,000 and 113,250 Common Shares at an average price of $15.73 and $12.89, respectively, per share were outstanding at September 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 September 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 September 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.