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Earnings (Loss) Per Common Share
 3 Months Ended
Mar. 31, 2013
Earnings (Loss) Per Common Share [Abstract]  
Earnings (Loss) Per Common Share

2. Earnings (Loss) Per Common Share

Basic earnings per common share is based on the weighted average number of common shares outstanding for the three months ended March 31, 2013 and 2012. Diluted earnings per common share is based on the weighted average number of common shares outstanding, plus the incremental shares that would have been outstanding upon the assumed conversion of convertible instruments, exercise of all potentially dilutive stock options and other stock units subject to anti-dilution limitations.

The following table sets forth the computation of basic and diluted earnings per common share (in thousands, except shares and per share data):

 

                 
    Three Months Ended  
    March 31,  
    2013     2012  

Net income

   $ 1,653     $ 334  
   

 

 

    

 

 

  

Weighted average basic shares

     7,949,571       7,857,650  

Dilutive effect of convertible preferred stock, stock options and restricted stock units

     1,433,807       636,895  
   

 

 

    

 

 

  

Total weighted average diluted shares with assumed conversions

     9,383,378       8,494,545  
   

 

 

    

 

 

  

Earnings per common share:

                

Basic

   $ 0.21     $ 0.04  
   

 

 

    

 

 

  

Dilutive

   $ 0.18     $ 0.04