v2.4.0.6
Earnings per Share
6 Months Ended
Jun. 30, 2012
Earnings per Share

Note 3 - Earnings per Share:

 

Earnings per share are computed based upon the weighted average number of shares of common stock outstanding during the three and six month periods. Diluted earnings per share are computed assuming that average stock options and warrants outstanding are exercised and the proceeds, including the relevant tax benefit, are used entirely to reacquire shares at the average price for the period. For the three months ended June 30, 2012 and 2011, 262,874 and 326,682 options were not considered, as they were not dilutive, and for the six months ended June 30, 2012 and 2011, 273,555 and 399,160 options were not considered, as they were not dilutive. The following table presents the numbers of shares used to compute basic and diluted earnings per share for the indicated periods:

 

    Three Months
Ended
June 30
    Six Months
Ended
June 30
 
    2012     2011     2012     2011  
Weighted average shares outstanding     7,465,434       7,432,487       7,457,019       7,432,391  
Dilutive effects of assumed exercises of stock options and warrants     76,938       69,244       75,169       48,539  
Shares used to compute diluted earnings per share     7,542,372       7,501,731       7,532,188       7,480,930