EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2013

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 0.7 million weighted-average anti-dilutive stock options outstanding for the three and six months ended June 30, 2013, compared to approximately 0.6 million weighted-average anti-dilutive stock options outstanding for the three months June 30, 2012 and approximately 0.4 million weighted-average anti-dilutive stock options outstanding for the six months June 30, 2012 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, 2013 and 2012.

	Three Months Ended		Six Months Ended
	June 30,		June 30,
(000's omitted, except per share data)	2013	2012	2013	2012
Net income	$21,122	$21,071	$41,363	$39,897
Income attributable to unvested stock-based compensation awards	(114)	(144)	(189)	(247)
Income available to common shareholders	$21,008	$20,927	$41,174	$39,650
Weighted-average common shares outstanding – basic	39,914	39,324	39,809	38,948
Basic earnings per share	$0.53	$0.53	$1.03	$1.02
Net income	$21,122	$21,071	$41,363	$39,897
Income attributable to unvested stock-based compensation awards	(114)	(144)	(189)	(247)
Income available to common shareholders	$21,008	$20,927	$41,174	$39,650
Weighted-average common shares outstanding – basic	39,914	39,324	39,809	38,948
Assumed exercise of stock options	427	463	445	501
Weighted-average common shares outstanding – diluted	40,341	39,787	40,254	39,449
Diluted earnings per share	$0.52	$0.53	$1.02	$1.01
Cash dividends declared per share	$0.27	$0.26	$0.54	$0.52

Stock Repurchase Program

At its December 2012 meeting, the Company’s Board of Directors approved a new repurchase program authorizing the repurchase of up to 2,000,000 of its outstanding shares in open market transactions or privately negotiated transactions in accordance with securities laws and regulations, through December 31, 2013.  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 open market treasury stock purchases in 2012 or the first six months of 2013.  There were approximately 22,000 common shares repurchased during the six months ended June 30, 2013 that were acquired by the Company in connection with satisfaction of tax withholding obligations on vested restricted stock.