Earnings Per Share

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Note 7 – Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended
	March 31
(in thousands except per share data)	2013		2012
Numerator:
Net income	$	11,820	$	11,869
Denominator:
Basic earnings per share:
Weighted average shares		15,539		15,407
Diluted earnings per share:
Effect of dilutive stock options		53		49
Adjusted weighted average shares		15,592		15,456
Earnings per share:
Basic earnings per share	$	0.76	$	0.77
Diluted earnings per share		0.76		0.77

Options to purchase 88,246 common shares were excluded from the diluted calculations above for the three months ended March 31, 2013, because the exercise prices on the options were greater than the average market price for the period. Unvested restricted stock grants were also used in the calculation of diluted earnings per share based on the treasury method. Options to purchase 248,555 common shares were excluded from the diluted calculations above for the three months ended March 31, 2012.