Net Income per Common Share

9 Months Ended

Sep. 30, 2011

Net income per common share is computed based on the weighted average number of common shares outstanding during the period. Diluted net income per common share is computed similarly but includes the effect of the assumed exercise of dilutive stock options and restricted stock under the treasury stock method.

The computation of basic and diluted net income per common share is as follows:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
Net income	$	2,855,726	$	307,418	$	7,966,968	$	611,779

Weighted average common shares outstanding	6,976,022		6,850,424		6,925,559		6,822,685
Effect of dilutive securities:
Stock options	224,351		167,035		251,778		136,903
Restricted stock	77,437		91,518		107,134		111,299
Weighted average common and potentially issuable common shares outstanding — diluted	7,277,810		7,108,977		7,284,471		7,070,887

Basic net income per common share	$	0.41	$	0.04	$	1.15	$	0.09
Diluted net income per common share	$	0.39	$	0.04	$	1.09	$	0.09

At September 30, 2011 and 2010 there were 5,000 and 23,000 unexercised stock options, respectively, that were not included in diluted earnings per share, as they were anti-dilutive.