Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

Note 11. Earnings Per Share:

The computations of basic earnings per common share are based on our weighted average shares outstanding. For purposes of calculating diluted earnings per share, the weighted average shares outstanding were increased by 55,000 shares to reflect the dilutive effect of stock options during the three and six months ended June 30, 2011. During both the three and six months ended June 30, 2010, the weighted average shares outstanding were increased by 16,000 shares to reflect the dilutive effect of stock options.

Not included in the computation of diluted earnings per share were outstanding options to purchase 39,000 and 77,000 common shares during the three and six months ended June 30, 2011 and 2010, respectively, because the options’ exercise prices were greater than the average market price of the shares.