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Net Income per Common Share
 3 Months Ended
Mar. 31, 2012
Earnings Per Share [Abstract]  
Net Income per Common Share
Net Income per Common Share
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 vesting of restricted stock under the treasury stock method.
The computation of basic and diluted net income per common share is as follows:
 
Three Months Ended
 
March 31,
 
2012
 
2011
Net income
$
2,635,000

 
$
2,269,000

 
 
 
 
Weighted average common shares outstanding — basic
7,070,000

 
6,892,000

Effect of dilutive securities
327,000

 
349,000

Weighted average common and potentially issuable common shares outstanding — diluted
7,397,000

 
7,241,000

 
 
 
 
Basic net income per common share
$
0.37

 
$
0.33

Diluted net income per common share
$
0.36

 
$
0.31

At March 31, 2011 there were 23,000 unexercised stock options that were not included in diluted earnings per share, as they were anti-dilutive.