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Earnings Per Common Share
12 Months Ended
Dec. 31, 2011
Earnings Per Common Share [Abstract]  
Earnings Per Common Share

Note 9 - Earnings Per Common Share

 

A reconciliation of the income and shares of the basic earnings per common share and diluted earnings per common share for the years ended December 31, 2011and 2010 is as follows:

 

    Net Earnings     Shares     Per Share  
    (In thousands, except per share data)  
Year ended December 31, 2011                  
Basic earnings per common share   $ 1,013,535       10,831,971     $ 0.09  
Effect of dilutive stock options     -       369,224       -  
Diluted earnings per common share   $ 1,013,535       11,201,196     $ 0.09  
                         
Year ended December 31, 2010                        
Basic earnings per common share   $ 10,741,202       10,335,794     $ 1.04  
Effect of dilutive stock options     -       880,364       -  
Diluted earnings per common share   $ 10,741,202       11,216,158     $ 0.96  

 

For the years ended December 31, 2011 and 2010, approximately 5,000,000 and 18,000 common stock options, respectively, were not added to the denominator because inclusion of such shares would be antidilutive.

 

The Company issued warrants in conjunction with the acquisition of Superior, which were to expire on May 29, 2014 at an exercise price of $1.89. During 2010, these warrants extinguished in conjunction with the SIBL debt settlement (see Note 16).