Earnings Per Share

6 Months Ended

Jun. 30, 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				Six Months Ended
	June 30				June 30
(in thousands except per share data)	2013		2012		2013		2012
Numerator:
Net income	$	11,942	$	12,232	$	23,762	$	24,101
Denominator:
Basic earnings per share:
Weighted average shares		15,565		15,451		15,552		15,429
Diluted earnings per share:
Effect of dilutive stock options		76		50		73		46
Adjusted weighted average shares		15,641		15,501		15,625		15,475
Earnings per share:
Basic earnings per share	$	0.77	$	0.79	$	1.53	$	1.56
Diluted earnings per share		0.76		0.79		1.52		1.56

Options to purchase 88,246 common shares at a weighted average price of $38.95 were excluded from the diluted calculations above for the three and six months ended June 30, 2013, because the exercise prices on the options were greater than the average market price for the period.  In addition to in-the-money stock options, unvested restricted stock grants were also used in the calculation of diluted earnings per share based on the treasury method.  Options to purchase 89,746 and 178,569 common shares, respectively, were excluded from the diluted calculations above for the three and six months ended June 30, 2012.