Earnings Per Share

6 Months Ended

Jun. 30, 2013

8. 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. Weighted average shares outstanding for the three and six months ended June 30, 2013 and 2012 were as follows:


	For the three months ended June 30		For the six months ended June 30
	2013	2012	2013	2012
Weighted average common shares, basic	24,128,114	23,890,405	24,128,114	23,883,919
Dilutive effect of stock options	80,739	169,917	55,023	170,985
Weighted average common shares, diluted	24,208,853	24,060,322	24,183,137	24,054,904

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


	For the three months ended June 30		For the six months ended June 30
	2013	2012	2013	2012
Stock options	37,500	886,710	37,500	886,710

- Definition

The entire disclosure for earnings per share.

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