Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

Note 6.  Earnings Per Share

We compute basic earnings per share based on the weighted average number of common shares issued and outstanding during the relevant periods.  Diluted earnings per share also reflects dilutive potential common shares, including shares issuable under restricted stock grants using the treasury stock method.

The calculation of basic and diluted earnings per share is as follows (in thousands except share amounts):

	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Numerator
Net Income – Basic:
	$	2,838	$	9,616	$	26,918	$	20,184
Net Income  – Diluted:
	$	2,838	$	9,616	$	26,918	$	20,184
Denominator
Weighted Avg Shares of Common Stock Outstanding:
Basic		7,228,252		7,242,126		7,230,530		7,245,642
Plus:
Effect of dilutive restrictive stock		36,840		53,512		30,068		62,756
Diluted		7,265,092		7,295,638		7,260,598		7,308,398
Basic and Diluted Earnings Per Common Share:
Net Income per share - Basic
	$	0.39	$	1.33	$	3.72	$	2.79
Net Income per share – Diluted:
	$	0.39	$	1.32	$	3.70	$	2.76