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Earnings per Share
 3 Months Ended
Mar. 31, 2012
Earnings per Share
7. Earnings per Share

 

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 months ended March 31:

 

    Three Months Ended  
    March 31,  
    2012     2011  
Numerator:                
Net income   $ 3,990,000     $ 6,358,000  
                 
Denominator:                
Weighted average shares of common stock outstanding     13,676,922       14,320,959  
Effect of dilutive common stock equivalents     150,899       277,121  
                 
Weighted average diluted common shares outstanding     13,827,821       14,598,080  
                 
EPS                
Basic   $ 0.29     $ 0.44  
Diluted   $ 0.29     $ 0.44