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Income Per Common Share
 12 Months Ended
Dec. 31, 2012
Income Per Common Share

NOTE H — 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 years ended December 31, 2011, 2010 and 2009 are as follows:

 

     2012      2011      2010  
     (in thousands - except per share amounts)  

Income before extraordinary item

    $ 20,947       $ 14,066       $ 17,784   

Extraordinary item, net of taxes

      —           —           2,477   
  

 

 

     

 

 

     

 

 

  

Net income – Basic and Diluted

    $ 20,947       $ 14,066       $ 20,261   
  

 

 

     

 

 

     

 

 

  

Weighted-average shares outstanding – Basic

      12,511         12,128         12,036   

Effect of dilutive securities:

         

Stock options

      299         401         340   
  

 

 

     

 

 

     

 

 

  

Weighted-average shares outstanding – Diluted

      12,810         12,529         12,376   
  

 

 

     

 

 

     

 

 

  

Basic income per common share before extraordinary item

    $ 1.67       $ 1.16       $ 1.48   

Basic income per common share of extraordinary item

      —           —           0.20   
  

 

 

     

 

 

     

 

 

  

Basic income per common share

    $ 1.67       $ 1.16       $ 1.68   
  

 

 

     

 

 

     

 

 

  

Diluted income per common share before extraordinary item

    $ 1.64       $ 1.12       $ 1.44   

Diluted income per common share of extraordinary item

      —           —           0.20   
  

 

 

     

 

 

     

 

 

  

Diluted income per common share

    $ 1.64       $ 1.12       $ 1.64   
  

 

 

     

 

 

     

 

 

  

The computations of diluted income per common share for the years ended December 31, 2012, 2011 and 2010 excludes options to purchase 1,450,200, 1,600,413 and 1,060,588 shares of the Company’s common stock, respectively. The computations of diluted income per common share for the years ended December 31, 2011 and 2010 also exclude options to purchase 462,192 and 2,678,571 shares, respectively, of the Company’s common stock that were issuable upon the conversion of the Company’s 4.75% convertible senior notes and related interest expense, which were retired in July 2011. The above shares were excluded due to their antidilutive effect.