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Earnings Per Share
 9 Months Ended
Sep. 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 September 30,

 

Nine months ended September 30,

(In thousands, except per share data)

 

2012

 

2011

 

2012

 

2011

 

 

 

 

 

 

 

 

 

Distributed earnings allocated to  common stock

$
5,150 

$
5,015 

$
15,451 

$
15,045 

Undistributed earnings allocated to common stock

 
5,373 

 
6,479 

 
12,375 

 
15,756 

Net earnings allocated to common shareholders

$
10,523 

$
11,494 

$
27,826 

$
30,801 

 

 

 

 

 

 

 

 

 

Average shares outstanding

 
14,751 

 
15,003 

 
14,700 

 
15,165 

 

 

 

 

 

 

 

 

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

    Employee stock options

 
83 

 
68 

 
83 

 
77 

 

 

 

 

 

 

 

 

 

Shares for diluted earnings per share

 
14,834 

 
15,071 

 
14,783 

 
15,242 

 

 

 

 

 

 

 

 

 

Basic earnings per share

$
0.71 

$
0.77 

$
1.89 

$
2.03 

Diluted earnings per share

$
0.71 

$
0.76 

$
1.88 

$
2.02 

 

 

Options to purchase approximately 124,000 and 255,000 shares of common stock at an exercise price between $35.09 and $40.88 and between $30.38 and $40.88 per share were outstanding during the third quarter of 2012 and the third 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.