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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 nine months ended September 30, 2012 and 2011:
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Three Months Ended September 30,
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Nine Months Ended September 30,
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2012
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2011
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2012
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2011
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Net income (loss)
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$
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6,370
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|
$
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(2,256
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)
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$
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20,884
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$
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9,980
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|
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|
|
|
|
|
|
|
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Basic weighted average shares outstanding
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15,628
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|
15,562
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|
15,603
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15,544
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|
|
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Basic net income per common share:
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Net income (loss) per common share
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$
|
0.41
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|
$
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(0.14
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)
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$
|
1.34
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$
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0.64
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|
|
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|
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|
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Diluted weighted average shares outstanding
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|
|
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|
|
|
|
|
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Basic weighted average shares outstanding
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15,628
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|
15,562
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|
15,603
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|
15,544
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Weighted average stock grants outstanding
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|
343
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|
—
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|
314
|
|
130
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Diluted weighted average shares outstanding
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15,971
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15,562
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|
15,917
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|
15,674
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Diluted net income per common share:
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|
|
|
|
|
|
|
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Net income (loss) per common share
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|
$
|
0.40
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|
$
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(0.14
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)
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$
|
1.31
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|
$
|
0.64
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Potentially dilutive shares excluded from diluted per share amounts:
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|
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|
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Stock options
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96
|
|
—
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|
96
|
|
661
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Potentially anti-dilutive shares excluded from diluted per share amounts:
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|
|
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|
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Stock options
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167
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|
1,379
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|
249
|
|
202
|
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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 nine months ended September 30, 2012 and 2011.
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