Earnings Per Common Share

9 Months Ended

Sep. 30, 2012

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, 2012
	Income (Numerator)		Shares (Denominator)		Per-share Amount
Net income	$	11,517,000
Basic earnings per common share	$	11,517,000		67,651,000	$	.17
Effect of dilutive securities:
Options				984,000		—
Diluted earnings per common share	$	11,517,000		68,635,000	$	.17

	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

	Nine Months ended September 30, 2012
	Income (Numerator)		Shares (Denominator)		Per-share Amount
Net income	$	31,416,000
Basic earnings per common share	$	31,416,000		67,344,000	$	.47
Effect of dilutive securities:
Options				972,000		(.01	)
Diluted earnings per common share	$	31,416,000		68,316,000	$	.46

	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

Options to purchase 507,000 and 559,000 shares of common stock having an average exercise price of $17.50 per common share were outstanding during the three and nine month periods ended September 30, 2012 but not included in the computation of diluted earnings per common share because the exercise prices of the options were greater than the average market price of the common shares, and therefore, would be antidilutive.

Options to purchase 1,001,000 and 501,000 shares of common stock having an average exercise price of approximately $15.22 and $16.09 per common share, respectively, were outstanding during the three and nine month periods ended September 30, 2011 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.