Quarterly report pursuant to Section 13 or 15(d)

Net Income Per Share

v2.4.0.8
Net Income Per Share
 3 Months Ended
Mar. 31, 2014
Net Income Per Share [Abstract]  
Net Income Per Share

NOTE 11 – NET INCOME PER SHARE

 

Basic net income per common share is based on the weighted average number of common shares outstanding during each year. Diluted net income per common share takes into effect the dilutive effect of potential common shares outstanding.  The Company’s only potential common shares outstanding are stock options and shares associated with the long-term incentive compensation plans, which resulted in a dilutive effect of 0 and 9,785 shares for the three-months ended March 31, 2014 and 2013, respectively. The Company calculates the dilutive effect of outstanding options using the treasury stock method. Due to the net loss in 2014, there was no dilutive impact from stock options or unvested shares.  Options totaling 116,290 were excluded from the calculation of diluted earnings per share for the three-months ended March 31,  2013 because the exercise price was greater than the average market price of common stock during the period and deferred stock awards totaling 323,236 shares were not included for the three-month period ended March 31,  2013 because of unmet performance conditions.