Quarterly report pursuant to Section 13 or 15(d)

Net Income Per Share

v2.4.0.6
Net Income Per Share
 6 Months Ended
Jun. 30, 2012
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 six months ended June 30, 2012 and 2011:

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2012

 

2011

 

2012

 

2011

 

Net income

 

$

7,286

 

$

5,614

 

$

14,514

 

$

12,236

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

15,605

 

15,536

 

15,591

 

15,535

 

 

 

 

 

 

 

 

 

 

 

Basic net income per common share:

 

 

 

 

 

 

 

 

 

Net income per common share

 

$

0.47

 

$

0.36

 

$

0.93

 

$

0.79

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

15,605

 

15,536

 

15,591

 

15,535

 

Weighted average stock options outstanding

 

259

 

123

 

362

 

56

 

Diluted weighted average shares outstanding

 

15,864

 

15,659

 

15,953

 

15,591

 

 

 

 

 

 

 

 

 

 

 

Diluted net income per common share:

 

 

 

 

 

 

 

 

 

Net income per common share

 

$

0.46

 

$

0.36

 

$

0.91

 

$

0.78

 

 

 

 

 

 

 

 

 

 

 

Potentially dilutive shares excluded from diluted per share amounts:

 

 

 

 

 

 

 

 

 

Stock options

 

—

 

661

 

—

 

455

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Stock options

 

217

 

202

 

417

 

534

 

 

Potentially dilutive shares excluded from diluted per share amounts include performance-based options to purchase shares of common stock which will not vest until certain earnings metrics have been achieved. Potentially anti-dilutive shares excluded from diluted per share amounts include both time-based 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 dilutive net income per share for the three and six months ended June 30, 2012 and 2011.