Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

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Earnings Per Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share
12. Earnings Per Share

Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding for the period. For the calculation of diluted earnings per share, the basic weighted average number of shares is increased by the dilutive effect of stock options, common warrants and restricted stock using the treasury stock method.

 

The following table provides a reconciliation of the numerators and denominators used in computing basic and diluted net income per share:

 

                 
    Three Months Ended  
    March 31,  
    2013     2012  

Net income

   $ 541     $ 740  
   

 

 

    

 

 

  
     

Basic number of weighted-average shares outstanding

     32,374,976       31,857,598  

Effect of dilutive shares:

                

Options to purchase common stock

     1,331,120       897,225  

Common warrants

     388,222       143,042  

Unvested restricted stock

     175,621       4,104  
   

 

 

    

 

 

  

Diluted number of weighted-average shares outstanding

     34,269,939       32,901,969  
   

 

 

    

 

 

  

Net income per share:

                

Basic

   $ 0.02     $ 0.02  
   

 

 

    

 

 

  

Diluted

   $ 0.02     $ 0.02  
   

 

 

    

 

 

  

Common share equivalents for securities that were anti-dilutive and therefore excluded from the computation of diluted net income per share were as follows:

 

                 
    Three Months Ended  
    March 31,  
    2013     2012  

Options to purchase common stock

     190,413       637,985  

Unvested restricted stock

     377,926       196,800