Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Share

Note Twenty-Three

Earnings per Share

The following table sets forth the computation of basic and diluted earnings per share:

(in thousands, except per share data)	2011		2010		2009
Distributed earnings allocated to common stock	$	20,102	$	20,956	$	21,481
Undistributed earnings allocated to common stock		20,280		17,767		21,185
Net earnings allocated to common shareholders	$	40,382	$	38,723	$	42,666
Average shares outstanding		15,055		15,589		15,877
Effect of dilutive securities:
Employee stock options		75		62		55
Shares for diluted earnings per share		15,130		15,651		15,932
Basic earnings per share	$	2.68	$	2.48	$	2.69
Diluted earnings per share	$	2.67	$	2.47	$	2.68

Options to purchase 222,000, 112,500 and 199,418 shares of common stock at exercise prices between $32.09 and $40.88, $33.90 and $40.88, and $31.32 and 40.88 per share were outstanding during 2011, 2010, and 2009, respectively, but were not included in the computation of diluted earnings per share because the exercise price of the options was greater than the average market price of the common shares and therefore, the effect would be anti-dilutive.