Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share

Earnings Per Share

NOTE 12. EARNINGS PER SHARE

Basic earnings per common share are based on the weighted average number of common shares outstanding during the reporting period.  Diluted earnings per common share assume the exercise of stock options and vesting of restricted shares using the treasury stock method, to the extent dilutive.

    The following table summarizes the average number of common shares and the net income used in the calculation of basic and diluted earnings per share (in thousands, except share and per share amounts):

	Year Ended December 31,
	2011		2010		2009
Income from continuing operations available to common stockholders	$	72,760	$	61,840	$	57,061
Discontinued operations		8,372		7,581		7,168
Net income available to common stockholders	$	81,132	$	69,421	$	64,229
BASIC:
Weighted average common shares outstanding	27,719,096		27,664,482		27,586,338
Income from continuing operations per common share	$	2.63	$	2.24	$	2.07
Discontinued operations per common share		.30		.27		.26
Net income per common share	$	2.93	$	2.51	$	2.33
DILUTED:
Weighted average common shares outstanding	27,719,096		27,664,482		27,586,338
Dilutive effect of:
Stock options		72,035		65,548		28,825
Restricted shares		1,461		2,929		3,137
Average dilutive common shares outstanding	27,792,592		27,732,959		27,618,300
Income from continuing operations per common share	$	2.62	$	2.23	$	2.06
Discontinued operations per common share		.30		.27		.26
Net income per common share	$	2.92	$	2.50	$	2.32
Incremental shares excluded since anti-dilutive:
Stock options with an exercise price in excess of the market price for our common shares		16,758		1,297		9,906