Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Earnings Per Share

Note 3. Earnings Per Share

We compute earnings per share in accordance with FASB ASC Topic 260, "Earnings Per Share." Diluted earnings per share includes potential common shares assumed issued under the "treasury stock method," which reflects the potential dilution that would occur if any outstanding options are exercised. Diluted earnings per share also includes the "if converted" method for participating securities if the effect is dilutive.

	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
	(in thousands, except share and per share amounts)
Basic EPS:
Net income	$	4,569	$	10,424	$	11,196	$	21,701
Basic weighted average common shares		18,392,207		18,720,748		18,312,843		18,804,093
Basic earnings per common share	$	0.25	$	0.56	$	0.61	$	1.15
Diluted EPS:
Net income	$	4,569	$	10,424	$	11,196	$	21,701
Diluted weighted average common shares:
Weighted average common shares		18,392,207		18,720,748		18,312,843		18,804,093
Stock options		446,975		435,082		455,461		430,707
Restricted stock		7,284		4,174		6,072		3,293
Diluted weighted average common shares		18,846,466		19,160,004		18,774,376		19,238,093
Diluted earnings per common share	$	0.24	$	0.54	$	0.60	$	1.13