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Earnings Per Common Share
12 Months Ended
Dec. 31, 2011
Earnings Per Common Share  
Earnings Per Common Share

Note 15—Earnings Per Common Share

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

 
  Years Ended December 31,  
(Dollars in thousands)
  2011   2010   2009  

Numerator:

                   

Net income available to common shareholders—numerator for basic and diluted earnings per share

  $ 22,595   $ 51,882   $ 8,921  
               

Denominator:

                   

Denominator for basic earnings per share—weighted-average shares outstanding

    13,677     12,618     12,061  

Effect of dilutive securities:

                   

Employee stock options and restricted stock

    74     102     48  
               

Dilutive potential shares:

                   

Denominator for diluted earnings per share—adjusted weighted-average shares

    13,751     12,720     12,109  
               

Basic earnings per common share

  $ 1.65   $ 4.11   $ 0.74  
               

Diluted earnings per common share

  $ 1.63   $ 4.08   $ 0.74  
               

        The calculation of diluted earnings per common share excludes outstanding stock options that have exercise prices greater than the average market price of the common shares for the year as follows:

 
  Years Ended December 31,  
(Dollars in thousands)
  2011   2010   2009  

Number of shares

    256,664     152,919     253,313  

Range of exercise prices

  $ 26.01 to $40.99   $ 27.57 to $40.99   $ 25.53 to $39.74