EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2012

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 3 - EARNINGS PER SHARE

The Condensed Consolidated Statements of Income include basic and diluted per share information.  Basic EPS is calculated by dividing net income, after preferred dividends, by the weighted-average number of common shares outstanding for the period.  Diluted EPS follows a similar calculation except that the weighted-average number of common shares is increased by the number of potentially dilutive common shares.  The table below provides a reconciliation of the numerator and denominator used in calculating basic and diluted EPS for the three months ended March 31(dollars in thousands, except share information):

	Three months ended March 31
	2012			2011
Numerator for basic and diluted EPS:
Net income	$	8,875		$	8,425
Dividends declared on preferred stock		(92	)		(92	)
Net income available for common stock	$	8,783		$	8,333
Denominators for basic and diluted EPS:
Weighted-average basic shares of common stock outstanding		13,491,377			13,353,973
Dilutive effect of stock options		53,125			23,089
Dilutive effect of performance shares		26,218			29,864
Weighted-average diluted shares of common stock outstanding		13,570,720			13,406,926

Stock Options: There were no outstanding stock options excluded from the diluted shares calculation for the three months ended March 31, 2012 or March 31, 2011.

Performance Shares: Outstanding performance shares totaling 7,800 were excluded from the computation of diluted shares for the three months ended March 31, 2012 because the performance share measures were not met or there was an antidilutive impact.  Outstanding performance shares totaling 47,306 were excluded from the diluted EPS calculation for the three months ended March 31, 2011.