Quarterly report pursuant to Section 13 or 15(d)

Net Income per Share

v2.4.0.8
Net Income per Share
 9 Months Ended
Sep. 30, 2013
Net Income per Share  
Net Income per Share

(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 nine months ended September 30, 2013 and 2012:

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

Net income

 

$

4,850

 

$

6,370

 

$

15,766

 

$

20,884

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

16,068

 

15,628

 

15,930

 

15,603

 

 

 

 

 

 

 

 

 

 

 

Basic net income per common share

 

$

0.30

 

$

0.41

 

$

0.99

 

$

1.34

 

 

 

 

 

 

 

 

 

 

 

Diluted shares outstanding

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

16,068

 

15,628

 

15,930

 

15,603

 

Weighted average stock options outstanding

 

422

 

343

 

397

 

314

 

Diluted weighted average shares outstanding

 

16,490

 

15,971

 

16,327

 

15,917

 

 

 

 

 

 

 

 

 

 

 

Diluted net income per common share

 

$

0.29

 

$

0.40

 

$

0.97

 

$

1.31

 

 

 

 

 

 

 

 

 

 

 

Potentially dilutive shares excluded from diluted per share amounts:

 

 

 

 

 

 

 

 

 

Stock options

 

140

 

96

 

140

 

96

 

 

 

 

 

 

 

 

 

 

 

Potentially anti-dilutive shares excluded from diluted per share amounts:

 

 

 

 

 

 

 

 

 

Stock options

 

20

 

167

 

45

 

249

 

 

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 and shares that would be anti-dilutive to the computation of diluted net income per share for the three and nine months ended September 30, 2013 and 2012.