Quarterly report pursuant to Section 13 or 15(d)

Net Income Per Share

v2.4.0.8
Net Income Per Share
 6 Months Ended
Jun. 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 six months ended June 30, 2013 and 2012:

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2013

 

2012

 

2013

 

2012

 

Net income

 

$

6,052

 

$

7,286

 

$

10,916

 

$

14,514

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

15,896

 

15,605

 

15,860

 

15,591

 

 

 

 

 

 

 

 

 

 

 

Basic net income per common share

 

$

0.38

 

$

0.47

 

$

0.69

 

$

0.93

 

 

 

 

 

 

 

 

 

 

 

Diluted shares outstanding

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

15,896

 

15,605

 

15,860

 

15,591

 

Weighted average stock options outstanding

 

216

 

259

 

219

 

362

 

Diluted weighted average shares outstanding

 

16,112

 

15,864

 

16,079

 

15,953

 

 

 

 

 

 

 

 

 

 

 

Diluted net income per common share

 

$

0.38

 

$

0.46

 

$

0.68

 

$

0.91

 

 

 

 

 

 

 

 

 

 

 

Potentially dilutive shares excluded from diluted per share amounts:

 

 

 

 

 

 

 

 

 

Stock options

 

146

 

—

 

163

 

—

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

Stock options

 

306

 

217

 

428

 

417

 

 

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 six months ended June 30, 2013 and 2012.