EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2011

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE M:  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 0.6 million, 1.2 million and 2.4 million weighted-average anti-dilutive stock options outstanding at December 31, 2011, 2010 and 2009, respectively, which were not included in the computation below.

The following is a reconciliation of basic to diluted earnings per share for the years ended December 31, 2011, 2010 and 2009.

(000's omitted, except per share data)	2011	2010	2009
Net income	$73,142	$63,320	$41,445
Income attributable to unvested stock-based compensation awards	(553)	(542)	(215)
Income available to common shareholders	$72,589	$62,778	$41,230
Weighted-average common shares outstanding - basic	35,767	32,951	32,673
Basic earnings per share	$2.03	$1.91	$1.26
Net income	$73,142	$63,320	$41,445
Income attributable to unvested stock-based compensation awards	(553)	(542)	(215)
Income available to common shareholders	$72,589	$62,778	$41,230
Weighted-average common shares outstanding	35,767	32,951	32,673
Assumed exercise of stock options	415	318	148
Weighted-average common shares outstanding – diluted	36,182	33,269	32,821
Diluted earnings per share	$2.01	$1.89	$1.26

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.  There were no treasury stock purchases in 2011 or 2010.  At its December 2011 meeting, the Board approved extending the stock repurchase program authorizing the repurchase, at the discretion of senior management, of up to 1,500,000 shares through December 31, 2012.