Earnings Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Note M – Earnings per Share

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

	Three months ended June 30		Six months ended June 30
(In thousands, except per share data)	2012	2011	2012	2011
Distributed earnings allocated to common stock	$5,146	$5,092	$10,291	$10,184
Undistributed earnings allocated to common stock	2,208	4,669	7,011	9,123
Net earnings allocated to common shareholders	$7,354	$9,761	$17,302	$19,307
Average shares outstanding	14,680	15,120	14,676	15,244
Effect of dilutive securities:
Employee stock options	79	73	84	78
Shares for diluted earnings per share	14,759	15,193	14,760	15,322
Basic earnings per share	$0.50	$0.65	$1.18	$1.27
Diluted earnings per share	$0.50	$0.64	$1.17	$1.26

Options to purchase approximately 208,900 and 133,000 shares of common stock at an exercise price between $32.93 and $40.88 and between $33.54 and $40.88 per share were outstanding during the second quarter of 2012 and the second quarter of 2011, respectively, but were not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares and therefore, the effect would have been anti-dilutive.