Earnings Per Share

9 Months Ended

Sep. 30, 2011

7. EARNINGS PER SHARE

The calculation of basic earnings per share considers only weighted average outstanding common shares in the computation. The calculation of diluted earnings per share gives effect to all potentially dilutive securities. The calculation of diluted earnings per share is based upon the weighted average number of common shares outstanding during the period, plus, if dilutive, the assumed exercise of stock options using the treasury stock method and the assumed conversion of other convertible securities (using the "if converted" method) at the beginning of the year, or for the period outstanding during the year for current year issuances. Weighted average shares outstanding for the three and nine months ended September 30, 2011 and 2010 were as follows:

	For the three months ended September 30,				For the nine months ended September 30,
	2011		2010		2011		2010
Weighted average common shares, basic		23,877,362		23,678,795		23,715,224		23,584,079
Dilutive effect of stock options		313,890		172,315		299,915		187,851
Weighted average common shares, diluted		24,191,252		23,851,110		24,015,139		23,771,930

The following stock options are anti-dilutive and have not been included in the calculation of weighted average shares outstanding:

	For the three months ended September 30,				For the nine months ended September 30,
	2011		2010		2011		2010
Stock options		886,710		926,710		886,710		926,710