Earnings Per Share

9 Months Ended

Sep. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

Note 23 – Earnings Per Share

Basic earnings per share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustments to income that would result from assumed issuance. Potential common shares that may be issued by the Company relate solely from outstanding stock options, and are determined using the treasury stock method. Earnings per share have been computed based on the following:

	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2011		2010		2011		2010
Net income	$	6,470	$	1	$	12,401	$	2,879
Average number of common shares outstanding		15,979		15,860		15,920		15,848
Effect of dilutive stock options		27		113		75		204
Average number of common shares outstanding used to calculate diluted earnings per share		16,006		15,973		15,995		16,052
Options excluded from diluted earnings per share because the effect of these optioins was antidilutive		788		763		792		496