Earnings Per Share

3 Months Ended

Mar. 31, 2012

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 months ended March 31, 2012 and 2011 were as follows:

	For the three months ended March 31
	2012	2011
Weighted average common shares, basic	23,877,362	23,711,176
Dilutive effect of stock options	133,431	290,112
Weighted average common shares, diluted	24,010,793	24,001,288

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

	For the three months ended March 31
	2012	2011
Unvested restricted stock	-	160,000
Stock options	886,710	886,710

- Definition

The entire disclosure for earnings per share.

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