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Net Income Per Share
 3 Months Ended
Mar. 31, 2012
Net Income Per Share

(7) 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 March 31   2012     2011  
                 
Basic weighted-average shares outstanding     26,220,313       24,017,582  
Effect of dilutive shares     636,561       455,926  
Diluted weighted-average shares outstanding     26,856,874       24,473,508  

  

Options not included in the computation of diluted net income per share to purchase 66,000 and 50,000 Common Shares at an average price of $12.00 and $15.73 per share were outstanding at March 31, 2012 and 2011, 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 closing market price of Company Common Shares.

 

There were 675,300 and 419,100 performance-based restricted Common Shares outstanding at March 31, 2012 and 2011, respectively. These shares were not included in the computation of diluted net income per share because not all vesting conditions were achieved as of March 31, 2012 and 2011. These shares may or may not become dilutive based on the Company’s ability to meet or exceed future earnings performance targets.