Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2012

Computation of Basic and Diluted Earnings Per Share

The following is an analysis of basic and diluted earnings per share (“EPS”), reflecting the application of the two-class method, as described below:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2012			2011			2012			2011
Net income	$	6,255		$	6,929		$	19,250		$	20,338
Dividends and undistributed earnings allocated to participating securities (1)		(18	)		(12	)		(48	)		(33	)
Net income available to common shareholders	$	6,237		$	6,917		$	19,202		$	20,305
Weighted-average shares outstanding including participating securities		7,641,866			7,691,378			7,675,088			7,684,918
Less: average participating securities		(22,455	)		(13,406	)		(19,469	)		(13,007	)
Weighted-average common shares outstanding for basic EPS		7,619,411			7,677,972			7,655,619			7,671,911
Dilutive effect of stock-based awards (2)		20,023			5,598			14,144			8,490
Weighted-average common and potential common shares for diluted EPS		7,639,434			7,683,570			7,669,763			7,680,401
EARNINGS PER COMMON SHARE:
Basic EPS	$	0.82		$	0.90		$	2.51		$	2.65
Diluted EPS	$	0.82		$	0.90		$	2.50		$	2.65

(1) Represents dividends paid and undistributed earnings allocated to nonvested restricted stock awards.

(2) Represents the effect of the assumed exercise of stock options, vesting of restricted shares, and vesting of restricted stock units, based on the treasury stock method.