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Income Per Common Share
 6 Months Ended
Jun. 30, 2012
Income Per Common Share

NOTE F — INCOME PER COMMON SHARE

Basic income per common share has been computed by dividing net income by the weighted-average number of shares of the Company’s common stock outstanding. Diluted income per common share adjusts net income and basic income per common share for the effect of all potentially dilutive shares of the Company’s common stock. The calculations of basic and diluted income per common share for the three and six month periods ended June 30, 2012 and 2011 are as follows:

 

     Three Months Ended
June 30,		      Six Months Ended
June 30,		  
     2012      2011      2012      2011  
     (in thousands, except per share amounts)  

Net income – basic and diluted

    $ 559       $ 2,063       $ 1,903       $ 1,114   

Weighted-average shares outstanding – basic

      12,469         12,070         12,450         12,068   

Effect of dilutive securities:

            

Stock options

      308         416         321         427   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted-average shares outstanding – diluted

      12,777         12,486         12,771         12,495   
  

 

 

     

 

 

     

 

 

     

 

 

  

Basic income per common share

    $ 0.04       $ 0.17       $ 0.15       $ 0.09   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted income per common share

    $ 0.04       $ 0.17       $ 0.15       $ 0.09   
  

 

 

     

 

 

     

 

 

     

 

 

  

The computation of diluted income per common share for the three months ended June 30, 2012 excludes options to purchase 1,638,250 shares and for the three months ended June 30, 2011 excludes (i) options to purchase 1,146,150 shares and (ii) 860,714 shares of the Company’s common stock issuable upon the conversion of the Company’s Notes and related interest expense. The computation of diluted income per common share for the six months ended June 30, 2012 excludes options to purchase 1,413,525 shares and for the six months ended June 30, 2011 excludes (i) options to purchase 1,756,075 shares and (ii) 860,714 shares of the Company’s common stock issuable upon the conversion of the Company’s Notes and related interest expense. The above shares were excluded due to their antidilutive effects. The Company’s Convertible Notes were repaid at maturity in July 2011.