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Income Per Common Share
 12 Months Ended
Dec. 31, 2013
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, 2013, 2012 and 2011 are as follows:

 

     2013      2012      2011  
     (in thousands—except per share amounts)  

Net income – Basic and Diluted

    $ 9,281       $ 20,947       $ 14,066   

Weighted-average shares outstanding – Basic

      12,757         12,511         12,128   

Effect of dilutive securities:

         

Stock options

      286         299         401   
  

 

 

     

 

 

     

 

 

  

Weighted-average shares outstanding – Diluted

      13,043         12,810         12,529   
  

 

 

     

 

 

     

 

 

  

Basic income per common share

    $ 0.73       $ 1.67       $ 1.16   
  

 

 

     

 

 

     

 

 

  

Diluted income per common share

    $ 0.71       $ 1.64       $ 1.12   
  

 

 

     

 

 

     

 

 

  

The computations of diluted income per common share for the years ended December 31, 2013, 2012 and 2011 excludes options to purchase 1,417,145, 1,450,200 and 1,600,413 shares of the Company’s common stock, respectively. The computation of diluted income per common share for the year ended December 31, 2011 also excludes options to purchase 462,192 shares 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.