Note 2 - Earnings Per Common Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Text Block]

(2)  Earnings Per Common Share

              Basic and diluted earnings per common share were computed as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
(In thousands, except per share amounts)
Numerator:
Net income	$	7,584	$	6,194	$	13,030	$	10,289
Denominator:
Basic earnings per common share - weighted-average shares		22,066		21,984		22,050		21,974
Effect of dilutive stock options		100		101		104		104
Diluted earnings per common share - weighted-average shares and assumed conversions		22,166		22,085		22,154		22,078
Basic earnings per common share	$	0.34	$	0.28	$	0.59	$	0.47
Diluted earnings per common share	$	0.34	$	0.28	$	0.59	$	0.47

Options totaling 346,750 shares for each of the three-month and six-month periods ended June 30, 2012, and 373,000 shares for each of the three-month and six-month periods ending June 30, 2011, were outstanding but were not included in the calculation of diluted earnings per share because including the options in the denominator would be antidilutive, or decrease the number of weighted-average shares, due to their exercise prices exceeding the average market price of the common shares or due to inclusion of average unrecognized compensation expense in the calculation.

Unvested performance unit awards totaling 34,415 shares for each of the three-month and six-month periods ended June 30, 2012, and 21,600 shares for each of the three-month and six-month periods ended June 30, 2011, were considered outstanding but were not included in the calculation of diluted earnings per share because inclusion of average unrecognized compensation expense in the calculation would cause the performance units to be antidilutive.