Earnings Per Common Share

6 Months Ended

Jun. 30, 2012

Earnings Per Common Share

9. Earnings Per Common Share

Earnings per common share for all periods have been calculated in conformity with ASC 260, “Earnings Per Share”. This data is based on historical net income and the weighted average number of shares of our common stock outstanding during each period as set forth in the following table:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2012		2011		2012		2011
	(In thousands)
Shares:
Weighted average number of shares of common stock outstanding		23,390		27,474		24,405		28,275
Shares assumed issued (less shares assumed purchased for treasury) for stock-based compensation		139		245		178		236
Outstanding shares for diluted earnings per share calculation		23,529		27,719		24,583		28,511

A total of 1,520,036 shares at June 30, 2012 and 1,107,236 shares at June 30, 2011 were excluded from the calculation of our diluted earnings per common share, because the effect was anti-dilutive.