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Earnings per Share
 3 Months Ended
Mar. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Share
6.
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:
 
 
 
2014
 
2013
 
Numerator:
 
 
 
 
 
 
 
Net income
 
$
5,967,000
 
$
5,933,000
 
 
 
 
 
 
 
 
 
Denominator:
 
 
 
 
 
 
 
Weighted average shares of common stock outstanding
 
 
13,160,294
 
 
13,809,130
 
Effect of dilutive common stock equivalents
 
 
87,862
 
 
104,213
 
 
 
 
 
 
 
 
 
Weighted average diluted common shares outstanding
 
 
13,248,156
 
 
13,913,343
 
 
 
 
 
 
 
 
 
EPS:
 
 
 
 
 
 
 
Basic
 
$
0.45
 
$
0.43
 
Diluted
 
$
0.45
 
$
0.43
 
 
The company had 14,986 anti-dilutive options as of March 31, 2014.