Earnings Per Share

9 Months Ended

Sep. 30, 2011

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 September 30,					Nine Months Ended September 30,
	2011		2010			2011		2010
Numerator
Net Income (Loss) – Basic:
	$	2,850	$	(13,823	)	$	29,768	$	6,361
Net Income (Loss) – Diluted:
	$	2,850	$	(13,823	)	$	29,768	$	6,361
Denominator
Weighted Avg Shares of Common Stock Outstanding:
Basic		7,140,752		7,075,659			7,128,810		7,186,335
Plus:
Effect of dilutive restrictive stock		49,330		-			36,488		66,553
Diluted		7,190,082		7,075,659			7,165,298		7,252,888

Basic and Diluted Earnings Per Common Share:

Basic Earnings per Common Share	$	0.40	$	(1.95	)	$	4.18	$	0.89

Diluted Earnings per Common Share	$	0.40	$	(1.95	)	$	4.15	$	0.88