Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Share

18 - Earnings Per Share

We have two classes of common stock, which we refer to as Class A common stock and Class B common stock. Our Class A common stock is entitled to cash dividends that are at least 10% higher than the cash dividends declared and paid on our Class B common stock. Accordingly, we use the two-class method for the computation of earnings per common share. The two-class method is an earnings allocation formula that determines earnings per share separately for each class of common stock based on dividends declared and an allocation of remaining undistributed earnings using a participation percentage reflecting the dividend rights of each class.

We present below a reconciliation of the numerators and denominators we used in the basic and diluted per share computations for our Class A common stock:

	Year Ended December 31,
(dollars in thousands, except per share data)	2011		2010		2009
Basic earnings per share:
Numerator:
Allocation of net income	$	390	$	9,183	$	15,049
Denominator:
Weighted-average shares outstanding		19,997,146		19,961,274		19,903,069
Basic earnings per share	$	0.02	$	0.46	$	0.76
Diluted earnings per share:
Numerator:
Allocation of net income	$	390	$	9,183	$	15,049
Denominator:
Number of shares used in basic computation		19,997,146		19,961,274		19,903,069
Weighted-average effect of dilutive securities
Add: Director and employee stock options		36,499		17,794		—
Number of shares used in per share computations		20,033,645		19,979,068		19,903,069
Diluted earnings per share	$	0.02	$	0.46	$	0.76

We used the following information in the basic and diluted per share computations for our Class B common stock:

	Year Ended December 31,
(dollars in thousands, except per share data)	2011		2010		2009
Basic and diluted earnings per share:
Numerator:
Allocation of net income	$	63	$	2,284	$	3,781
Denominator:
Weighted-average shares outstanding		5,576,775		5,576,775		5,576,775
Basic and diluted earnings per share	$	0.01	$	0.41	$	0.68

During 2011, 2010 and 2009, we did not include certain options to purchase shares of common stock in the computation of diluted earnings per share because the exercise price of the options was greater than the average market price. The following reflects such options that remained outstanding at December 31, 2011, 2010 and 2009:

	2011		2010		2009
Options excluded from diluted earnings per share		1,238,000		2,219,167		3,290,099