EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2011

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE I:  EARNINGS PER SHARE

Basic earnings per share are computed based on the weighted-average common shares outstanding for the period.  Diluted earnings per share are based on the weighted-average shares outstanding adjusted for the dilutive effect of restricted stock and the assumed exercise of stock options during the year.  The dilutive effect of options is calculated using the treasury stock method of accounting.  The treasury stock method determines the number of common shares that would be outstanding if all the dilutive options (those where the average market price is greater than the exercise price) were exercised and the proceeds were used to repurchase common shares in the open market at the average market price for the applicable time period.  There were approximately 0.2 million weighted-average anti-dilutive stock options outstanding at June 30, 2011 compared to approximately 1.8 million weighted-average anti-dilutive stock options outstanding at June 30, 2010 that were not included in the computation below.

The following is a reconciliation of basic to diluted earnings per share for the three and six months ended June 30, 2011 and 2010.

	Three Months Ended June 30,		Six Months Ended June 30,
(000's omitted, except per share data)	2011	2010	2011	2010
Net income	$17,986	$16,162	$34,146	$30,164
Income attributable to unvested stock-based compensation awards	(136)	(144)	(267)	(255)
Income available to common shareholders	17,850	16,018	33,879	29,909
Weighted-average common shares outstanding – basic	36,346	32,947	34,804	32,886
Basic earnings per share	$0.49	$0.49	$0.97	$0.91
Net income	$17,986	$16,162	$34,146	$30,164
Income attributable to unvested stock-based compensation awards	(136)	(144)	(267)	(255)
Income available to common shareholders	17,850	16,018	33,879	29,909
Weighted-average common shares outstanding	36,346	32,947	34,804	32,886
Assumed exercise of stock options	438	327	486	265
Weighted-average shares – diluted	36,784	33,274	35,290	33,151
Diluted earnings per share	$0.49	$0.48	$0.96	$0.90

Stock Repurchase Program

On July 22, 2009, the Company announced an authorization to repurchase up to 1,000,000 of its outstanding shares in open market transactions or privately negotiated transactions in accordance with securities laws and regulations through December 31, 2011.  Any repurchased shares will be used for general corporate purposes, including those related to stock plan activities.  The timing and extent of repurchases will depend on market conditions and other corporate considerations as determined at the Company's discretion.  No repurchases have been made under the repurchase authorization since it was approved, and the full 1,000,000 shares of common shares remain available to be purchased under the authorization.