Earnings Per Share

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Numerator
Net Income – Basic:
	$	1,782	$	2,850	$	10,422	$	29,768
Net Income  – Diluted:
	$	1,782	$	2,850	$	10,422	$	29,768
Denominator
Weighted Average Shares of Common Stock Outstanding:
Basic		7,203,860		7,140,752		7,192,818		7,128,810
Plus:
Effect of dilutive restrictive stock		17,041		49,330		16,068		36,488
Diluted		7,220,901		7,190,082		7,208,886		7,165,298
Basic and Diluted Earnings Per Common Share:
Net Income per share - Basic
	$	.25	$	0.40	$	1.45	$	4.18
Net Income per share – Diluted:
	$	.25	$	0.40	$	1.45	$	4.15