Earnings Per Share

9 Months Ended

Sep. 30, 2011

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 5 — EARNINGS PER SHARE

     Basic earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of participating common shares outstanding. Unvested restricted shares are considered outstanding in the computation of basic earnings per share as holders of unvested restricted stock awards participate fully in the awards of stock ownership of the Company, including voting and dividend rights. Diluted earnings per share is calculated in a manner similar to that of basic earnings per share except that the weighted average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if all potentially dilutive common shares (such as those resulting from the exercise of stock options) were issued during the period, computed using the treasury stock method.

     During 2011, the Company issued performance-based restricted stock awards to non-executive bank employees which will vest if certain performance measures are met. These performance-based restricted stock awards do not participate in the rewards of stock ownership of the Company until vested. As a result, these awards are not considered in the calculation of basic earnings per share. To the extent the performance measures outlined in the performance-based restricted stock award agreements are met in advance of vesting, the shares will be included in the diluted earnings per share calculation, computed using the treasury stock method.

     Earnings per share consisted of the following components for the periods indicated:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
	(Dollars in Thousands)				(Dollars in Thousands)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	11,959	$	11,145	$	34,267	$	28,402

	Weighted Average Shares					Weighted Average Shares
BASIC SHARES		21,463,714		20,981,372	(1)		21,401,885		20,961,378	(1)
Effect of Dilutive Securities		13,077		52,793			32,452		74,536
DILUTIVE SHARES		21,476,791		21,034,165			21,434,337		21,035,914
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS PER SHARE
BASIC EPS	$	0.56	$	0.53		$	1.60	$	1.35
Effect of Dilutive Securities		—		—			—		—
DILUTIVE EPS	$	0.56	$	0.53		$	1.60	$	1.35

(1) Unvested restricted stock awards were not considered outstanding in the computation of basic earnings per share due to the immaterial balance for the three and nine months ended September 30, 2010.

     The following table illustrates the options to purchase common stock that were excluded from the calculation of diluted earnings per share because they were anti-dilutive:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
Stock Options		888,963		1,007,005		820,871		797,564