Earnings Per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share

11. Earnings Per Share

For the quarter and nine months ended September 30, 2012 and 2011, basic earnings per share were computed by dividing net income by the weighted average number of shares of common stock outstanding during the period. Unexercised stock options and unvested restricted shares are excluded from this calculation but are included in the diluted earnings per share calculation using the treasury stock method as long as their effect is not anti-dilutive.

The following table provides a reconciliation of weighted-average shares used to determine basic and diluted earnings per share.

	Quarter Ended				Nine Months Ended
	September 30,				September 30,
In thousands	2012		2011		2012		2011
Basic average common shares outstanding		16,630		16,757		16,742		16,744
Effect of dilutive options and restricted stock awards		313		175		236		149
Diluted average common shares outstanding		16,943		16,932		16,978		16,893

For the quarters ended September 30, 2012 and September 30, 2011, stock options for 0.2 million and 0.4 million shares of common stock, respectively, were not considered in computing diluted earnings per common share because they were antidilutive.

For the nine months ended September 30, 2012 and September 30, 2011, stock options for 0.2 million and 0.5 million shares of common stock, respectively, were not considered in computing diluted earnings per common share because they were antidilutive.