Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Note 8.  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 (Amountsin thousands except share data):

	Three Months Ended March 31,
	2012		2011
Numerator
Net Income - Basic:	$	7,936	$	24,080
Net Income - Diluted:	$	7,936	$	24,080
Denominator
Weighted Avg Shares of Common Stock Outstanding:
Basic		7,170,611		7,232,834
Plus:
Effect of dilutive restrictive stock		-		23,295
Diluted		7,170,611		7,256,129
Basic and Diluted Earnings Per Common Share:
Net Income per share - Basic:
	$	1.11	$	3.33
Net Income per share - Diluted:
	$	1.11	$	3.32