Earnings per Share

9 Months Ended

Sep. 30, 2011

Basic earnings per share (“EPS”) computations are calculated utilizing the weighted average number of common shares outstanding during the periods presented. Diluted EPS is calculated utilizing the weighted average number of common shares outstanding adjusted for the effect of dilutive common stock equivalents.

The following table sets forth the computation of basic and diluted EPS for the three and nine months ended September 30:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
Numerator:
Net income	$	5,069,000	$	5,751,000	$	17,372,000	$	16,189,000

Denominator:
Weighted average shares of common stock outstanding		13,782,835		14,137,889		14,061,371		14,032,917
Effect of dilutive common stock equivalents		225,112		631,281		214,080		611,544

Weighted average diluted common shares outstanding		14,007,947		14,769,170		14,275,452		14,644,461

EPS
Basic	$	0.37	$	0.41	$	1.24	$	1.15
Diluted	$	0.36	$	0.39	$	1.22	$	1.11