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EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2012
EARNINGS PER SHARE [Abstract]  
EARNINGS PER SHARE
NOTE I:  EARNINGS PER SHARE

Basic earnings per share are computed based on the weighted-average of the common shares outstanding for the period.  Diluted earnings per share are based on the weighted-average of the 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 0.4 million weighted-average anti-dilutive stock options outstanding at June 30, 2012, compared to approximately 0.2 million weighted-average anti-dilutive stock options outstanding at June 30, 2011, 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, 2012 and 2011.

 
Three Months Ended
June 30,
 
 
Six Months Ended
June 30,
 
(000's omitted, except per share data)
 
2012
 
 
2011
 
 
2012
 
 
2011
 
Net income
 
$
21,071
 
 
$
17,986
 
 
$
39,897
 
 
$
34,146
 
Income attributable to unvested stock-based compensation awards
 
 
(144
)
 
 
(136
)
 
 
(247
)
 
 
(267
)
Income available to common shareholders
 
$
20,927
 
 
$
17,850
 
 
$
39,650
 
 
$
33,879
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding - basic
 
 
39,324
 
 
 
36,346
 
 
 
38,948
 
 
 
34,804
 
Basic earnings per share
 
$
0.53
 
 
$
0.49
 
 
$
1.02
 
 
$
0.97
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
$
21,071
 
 
$
17,986
 
 
$
39,897
 
 
$
34,146
 
Income attributable to unvested stock-based compensation awards
 
 
(144
)
 
 
(136
)
 
 
(247
)
 
 
(267
)
Income available to common shareholders
 
$
20,927
 
 
$
17,850
 
 
$
39,650
 
 
$
33,879
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding
 
 
39,324
 
 
 
36,346
 
 
 
38,948
 
 
 
34,804
 
Assumed exercise of stock options
 
 
463
 
 
 
438
 
 
 
501
 
 
 
486
 
Weighted-average shares - diluted
 
 
39,787
 
 
 
36,784
 
 
 
39,449
 
 
 
35,290
 
Diluted earnings per share
 
$
0.53
 
 
$
0.49
 
 
$
1.01
 
 
$
0.96
 

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.  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.  There were no treasury stock purchases in 2011 or thus far in 2012.