Earnings Per Share

9 Months Ended

Sep. 30, 2011

Note 8. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Dollars and shares in thousands, except per share data)	2011		2010		2011		2010

Numerator:
Numerator for basic and diluted earnings per share — Income available to common shareholders	$	5,244	$	4,147	$	13,622	$	10,847

Denominator:
Denominator for basic earnings per share — weighted-average shares outstanding		16,771		16,621		16,752		16,582
Effect of dilutive securities:
Employee stock options		—		—		—		—

Denominator for diluted earnings per share — adjusted weighted-average shares outstanding		16,771		16,621		16,752		16,582

Basic earnings per share	$	0.31	$	0.25	$	0.81	$	0.65

Diluted earnings per share	$	0.31	$	0.25	$	0.81	$	0.65

Anti-dilutive options have been excluded in the computation of diluted earnings per share because the options’ exercise prices were greater than the average market price of the common stock. For the three months ended September 30, 2011 and 2010, there were 508,032 and 428,032 average anti-dilutive options at an average exercise price of $22.09 and $23.07, per share, respectively. For the nine months ended September 30, 2011 and 2010, there were 498,472 and 403,032 average anti-dilutive options at an average exercise price of $22.09 and $23.41, per share, respectively.