XML 18 R15.htm IDEA: XBRL DOCUMENT  v2.3.0.11
Income Per Common Share
 3 Months Ended
Jun. 30, 2011
9. Income Per Common Share

Basic net income per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per share assumes the exercise of all stock options having exercise prices less than the average market price of the common stock during the period using the treasury stock method and is computed by dividing net income by the weighted average number of common shares and dilutive potential common shares (stock options) outstanding during the period. In periods where losses are reported, the weighted average number of common shares outstanding excludes potential common shares, because their inclusion would be anti-dilutive.

 

The following is a reconciliation of the number of shares used in the calculation of basic income per share and diluted income per share for the three month periods ended June 30, 2011 and 2010.

 

   2011  2010
Net income  $4,385   $5,776 
           
Shares outstanding:          
Weighted average common shares outstanding – basic   2,029,949    1,922,152 
Effect of the assumed exercise of dilutive stock options   16,112    24,695 
Weighted average common shares outstanding – dilutive   2,046,061    1,946,847 
           
Earnings per common share:          
Basic  $0.05   $0.00 
Diluted  $0.05   $0.00 

 

For the quarter ended June 30, 2011 and 2010, no potential common shares relating to stock options were excluded in the computation of diluted net income per share.