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(6) Net Income Per Share
Basic net income per common share (Basic EPS) is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share (Diluted EPS) reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted into common stock. The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti-dilutive effect on net income per common share.
The following is a reconciliation of the numerator and denominator of Basic EPS to the numerator and denominator of Diluted EPS for the three and six months ended June 30, 2011 and 2010:
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Three Months Ended June 30,
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Six Months Ended June 30,
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2011
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2010
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2011
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2010
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|
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Net income available to common stockholders
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|
|
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|
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|
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Net income from continuing operations
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$
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5,614
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|
$
|
1,406
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|
$
|
12,236
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|
$
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6,177
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|
|
Loss from discontinued operations
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|
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(352
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)
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(970
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)
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Net income
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$
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5,614
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|
$
|
1,054
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$
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12,236
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$
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5,207
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|
|
|
|
|
|
|
|
|
|
|
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Basic weighted average shares outstanding
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15,536
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15,512
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15,535
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15,511
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|
|
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|
|
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Basic net income per common share:
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|
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Net income from continuing operations
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$
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0.36
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|
$
|
0.09
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|
$
|
0.79
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|
$
|
0.40
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Loss from discontinued operations
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$
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|
|
$
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(0.02
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)
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$
|
|
|
$
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(0.06
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)
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Net income
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$
|
0.36
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$
|
0.07
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$
|
0.79
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$
|
0.34
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|
|
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|
|
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|
|
|
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Diluted Shares Outstanding
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|
|
|
|
|
|
|
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Basic weighted average shares outstanding
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15,536
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15,512
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|
15,535
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|
15,511
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|
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Stock options
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|
123
|
|
90
|
|
56
|
|
86
|
|
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Diluted weighted average shares outstanding
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15,659
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|
15,602
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|
15,591
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|
15,597
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|
|
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|
|
|
|
|
|
|
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Diluted net income per common share:
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|
|
|
|
|
|
|
|
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Net income from continuing operations
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$
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0.36
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|
$
|
0.09
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|
$
|
0.78
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|
$
|
0.40
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|
|
Loss from discontinued operations
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|
$
|
|
|
$
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(0.02
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)
|
$
|
|
|
$
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(0.06
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)
|
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Net income
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|
$
|
0.36
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|
$
|
0.07
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$
|
0.78
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$
|
0.33
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|
|
|
|
|
|
|
|
|
|
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Potentially dilutive shares excluded from diluted per share amounts:
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|
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Stock options
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661
|
|
50
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|
455
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|
50
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|
|
|
|
|
|
|
|
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Potentially anti-dilutive shares excluded from diluted per share amounts:
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|
|
|
|
|
|
|
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Stock options
|
|
202
|
|
416
|
|
534
|
|
430
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|
Potentially dilutive shares excluded from diluted per share amounts include performance based options to purchase shares of common stock for which certain earnings metrics have not been achieved. Potentially anti-dilutive shares excluded from diluted per share amounts include both non-qualified stock options and unearned performance based options to purchase shares of common stock with exercise prices greater than the weighted-average share price during the period.
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