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Income Per Common Share
 9 Months Ended
Sep. 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 nine month periods ended September 30, 2012 and 2011 are as follows:

 

     Three Months Ended
September 30,		      Nine Months Ended
September 30,		  
     2012      2011      2012      2011  
     (in thousands, except per share amounts)  

Net income – basic and diluted

    $ 3,890       $ 7,533       $ 5,793       $ 8,647   

Net interest expense, 4.75% Convertible Senior Notes

      —           83         —           —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income – diluted

    $ 3,890       $ 7,616       $ 5,793       $ 8,647   
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted-average shares outstanding – basic

      12,546         12,089         12,482         12,075   

Effect of dilutive securities:

            

Stock options

      254         413         298         422   

4.75% Convertible Senior Notes

      —           140         —           —     
  

 

 

     

 

 

     

 

 

     

 

 

  

Weighted-average shares outstanding – diluted

      12,800         12,642         12,780         12,497   
  

 

 

     

 

 

     

 

 

     

 

 

  

Basic income per common share

    $ 0.31       $ 0.62       $ 0.46       $ 0.72   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted income per common share

    $ 0.30       $ 0.60       $ 0.45       $ 0.69   
  

 

 

     

 

 

     

 

 

     

 

 

  

The computation of diluted income per common share for the three months ended September 30, 2012 and 2011 excludes options to purchase 1,158,000 shares and 1,550,500 shares, respectively. The computation of diluted income per common share for the nine months ended September 30, 2012 excludes options to purchase 1,328,350 shares and for the nine months ended September 30, 2011 excludes (i) options to purchase 1,687,550 shares and (ii) 617,949 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 4.75% Convertible Senior Notes were repaid at maturity in July 2011.