Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 2 –EARNINGS PER SHARE

ASC Topic 260 clarifies share-based payment awards that entitle holders to receive non-forfeitable dividends before vesting should be considered participating securities and thus included in the calculation of basic earnings per share. These awards are included in the calculation of basic earnings per share under the two-class method. The two-class method allocates earnings for the period between common shareholders and other security holders. The participating awards receiving dividends will be allocated the same amount of income as if they were outstanding shares.

The following table presents the calculation of basic and diluted earnings per share for the years ended December 31, 2011, 2010, and 2009.

	For the Years Ended December 31,
	2011			2010			2009
Income available to common shareholders	$	53,538,000		$	48,826,000		$	155,004,000
Distributed and undistributed earnings to unvested restricted stock		(988,000	)		(981,000	)		(4,217,000	)
Distributed and undistributed earnings to common shareholders – Basic(1)		52,550,000			47,845,000			150,787,000
Undistributed earnings reallocated to unvested restricted stock		21,000			10,000			307,000
Distributed and undistributed earnings to common shareholders – Diluted	$	52,571,000		$	47,855,000		$	151,094,000
Weighted average shares outstanding – Basic (2)		28,500,420			25,681,266			18,210,867
Weighted average shares outstanding – Diluted		28,141,300			25,394,120			17,956,674
Earnings per common share – Basic(1)	$	1.88		$	1.90		$	8.49
Earnings per common share – Diluted	$	1.87		$	1.88		$	8.41
Earnings per unvested restricted stock share – Basic (3)	$	2.04		$	1.97		$	9.22
Earnings per unvested restricted stock share – Diluted	$	2.00		$	1.95		$	8.55

(1) Total earnings available to common shareholders include distributed earnings of $38,681,000, or $1.38 per weighted average share, and undistributed earnings of $13,869,000, or $0.50 per weighted average share for the year ended December 31, 2011. Total earnings available to common shareholders include distributed earnings of $35,772,000, or $1.42 per weighted average share, and undistributed earnings of $12,073,000, or $0.48 per weighted average share for the year ended December 31, 2010. Total earnings available to common shareholders include distributed earnings of $24,491,000, or $1.38 per weighted average share, and undistributed earnings of $126,296,000, or $7.11 per weighted average share for the year ended December 31, 2009.

(2) Weighted average basic shares outstanding include 484,361, 498,692, and 457,213 shares of unvested restricted stock for the years ended December 31, 2011, 2010, and 2009, respectively.

(3) Total earnings available to unvested restricted stock include distributed earnings of $727,000, or $1.50 per weighted average share, and undistributed earnings of $261,000, or $0.54 per weighted average share for the year ended December 31, 2011. Total earnings available to unvested restricted stock include distributed earnings of $733,000, or $1.47 per weighted average share, and undistributed earnings of $248,000, or $0.50 per weighted average share for the year ended December 31, 2010. Total earnings available to unvested restricted stock include distributed earnings of $685,000, or $1.50 per weighted average share, and undistributed earnings of $3,532,000, or $7.73 per weighted average share, under the two-class method for the year ended December 31, 2009.

For the years ended December 31, 2011, 2010, and 2009, the calculations for basic shares outstanding exclude: (1) the weighted average shares owned by the Recognition and Retention Plan ("RRP") of 571,262, 560,767, and 513,107, respectively, and (2) the weighted average shares in Treasury Stock of 1,300,222, 1,256,418, and 1,569,063, respectively.

The effect from the assumed exercise of 542,716, 477,665, and 696,026 stock options was not included in the computation of diluted earnings per share for the years ended December 31, 2011, 2010, and 2009, respectively, because such amounts would have had an antidilutive effect on earnings per share.