EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2012

EARNINGS PER SHARE

2. EARNINGS PER SHARE

The following table shows the computation of basic and diluted earnings per share:

	For the three months ended September 30,				For the nine months ended September 30,
	2012		2011		2012		2011
	(In Thousands, Except Per Share Data)
Numerator:
Net income allocable to common stockholders	$	9,286	$	6,094	$	21,676	$	14,438
Denominator:
Denominator for basic earnings per share - weighted average shares		8,712		8,605		8,702		8,594
Effect of dilutive employee stock options and warrants		83		96		77		124
Denominator for diluted earnings per share – adjusted weighted average shares and assumed exercise		8,795		8,701		8,779		8,718
Earnings per share:
Basic:
Net income allocable to common shareholders	$	1.07	$	0.71	$	2.49	$	1.68
Diluted:
Net income allocable to common shareholders	$	1.06	$	0.70	$	2.47	$	1.66
Outstanding common stock equivalents having no dilutive effect		338		537		361		538