Quarterly report pursuant to Section 13 or 15(d)

Basic and Diluted Earnings Per Common Share

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Basic and Diluted Earnings Per Common Share
3 Months Ended
Mar. 31, 2014
Basic and Diluted Earnings Per Common Share [Abstract]  
Basic and Diluted Earnings Per Common Share

3 - Basic and Diluted Earnings Per Common Share

Basic earnings per share is based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share is based upon the weighted average number of common shares outstanding and dilutive common stock equivalents outstanding during the period. Common stock equivalents are options granted and shares of restricted stock issued under our stock awards plans and are calculated under the treasury stock method. Common equivalent shares from unexercised stock options and unvested restricted stock are excluded from the computation when there is a loss as their effect is anti-dilutive or if the exercise price of such unexercised options is greater than the average market price of the stock for the period.

For the three months ended March 31, 2014, common stock equivalents of 1,123,806 shares were included in the weighted average shares outstanding used to calculate diluted earnings per share, while common stock equivalents of 229,990 shares were excluded from the calculation of diluted earnings per share because the exercise price of the underlying options was greater than the average market price of the stock for the period.