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Net Income Per Share
 9 Months Ended
Sep. 30, 2012
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

(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     Nine months ended  
    September 30,     September 30,  
    2012     2011     2012     2011  
                                 
Basic weighted average shares outstanding     26,430,300       24,163,568       26,358,285       24,114,246  
Effect of dilutive shares     713,517       425,325       651,184       460,234  
Diluted weighted average shares outstanding     27,143,817       24,588,893       27,009,469       24,574,480  

 

Options not included in the computation of diluted net income per share to purchase 64,000 and 50,000 Common Shares at an average price of $12.05 and $15.73 per share were outstanding at September 30, 2012 and 2011, respectively. These outstanding options were not included in the computation of diluted net income per share because either their respective exercise prices were greater than the average closing market price of Company Common Shares or their effect was anti-dilutive.

 

There were 635,850 and 419,100 performance-based restricted Common Shares outstanding at September 30, 2012 and 2011, respectively. Substantially all of these shares were not included in the computation of diluted net income per share because vesting conditions have not and are not expected to be achieved as of September 30, 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.