Earnings Per Common Share

9 Months Ended

Sep. 30, 2011

Earnings Per Common Share

Earnings Per Common Share

Note 6 – Earnings Per Common Share

A reconciliation of the numerator and denominator of basic and diluted earnings per common share is as follows:

	Three months ended September 30, 2011
	Income (Numerator)		Shares (Denominator)		Per-share Amount
Net income	$	9,996,000
Basic earnings per common share	$	9,996,000		66,710,000	$	.15
Effect of dilutive securities:
Options				820,000		—
Diluted earnings per common share	$	9,996,000		67,530,000	$	.15
	Three months ended September 30, 2010
	Income (Numerator)		Shares (Denominator)		Per-share Amount
Net income	$	9,169,000
Basic earnings per common share	$	9,169,000		66,039,000	$	.14
Effect of dilutive securities:
Options				1,040,000		—
Diluted earnings per common share	$	9,169,000		67,079,000	$	.14
	Nine Months ended September 30, 2011
	Income (Numerator)		Shares (Denominator)		Per-share Amount
Net income	$	27,591,000
Basic earnings per common share	$	27,591,000		66,544,000	$	.41
Effect of dilutive securities:
Options				966,000		—
Diluted earnings per common share	$	27,591,000		67,510,000	$	.41
	Nine Months ended September 30, 2010
	Income (Numerator)		Shares (Denominator)		Per-share Amount
Net income	$	25,318,000
Basic earnings per common share	$	25,318,000		65,946,000	$	.38
Effect of dilutive securities:
Options				1,070,000		—
Diluted earnings per common share	$	25,318,000		67,016,000	$	.38

During the three and nine month periods ended September 30, 2011, options to purchase 1,001,000 and 501,000 shares of common stock, respectively, having an average exercise price of approximately $15.22 and $16.09 per common share, respectively, were outstanding but not included in the computation of diluted earnings per common share because the exercise price of those options were greater than the average market price of the common shares, and therefore, would be anti-dilutive.

No outstanding options were excluded from the computations of diluted earnings per common share for the three and nine month periods ended September 30, 2010 as no options have an exercise price in excess of the average market value of our common stock at September 30, 2010.