Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 3 – 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 three months ended March 31, 2012 and 2011.

	For the Three Months Ended March 31,
	2012			2011
Income available to common shareholders	$	19,393,000		$	14,647,000
Distributed and undistributed earnings to unvested restricted stock		(374,000	)		(306,000	)
Distributed and undistributed earnings to common shareholders – Basic(1)		19,019,000			14,341,000
Undistributed earnings reallocated to unvested restricted stock		10,000			15,000
Distributed and undistributed earnings to common shareholders – Diluted	$	19,029,000		$	14,356,000
Weighted average shares outstanding- Basic (2)		29,384,220			26,845,124
Weighted average shares outstanding- Diluted		28,928,276			26,560,866
Earnings per common share – Basic(1)	$	0.66		$	0.54
Earnings per common share - Diluted	$	0.66		$	0.54
Earnings per unvested restricted stock share – Basic (3)	$	0.70		$	0.62
Earnings per unvested restricted stock share - Diluted	$	0.68		$	0.59

(1) Total earnings available to common shareholders include distributed earnings of $9,842,000, or $0.34 per weighted average share, and undistributed earnings of $9,177,000, or $0.32 per weighted average share for the three months ended March 31, 2012. Total earnings available to common shareholders include distributed earnings of $8,983,000, or $0.34 per weighted average share, and undistributed earnings of $5,358,000, or $0.20 per weighted average share for the three months ended March 31, 2011.

(2) Weighted average basic shares outstanding include 535,005 and 492,956 shares of unvested restricted stock for the three months ended March 31, 2012 and 2011, respectively.

(3) Total earnings available to unvested restricted stock include distributed earnings of $194,000, or $0.36 per weighted average share, and undistributed earnings of $180,000, or $0.34 per weighted average share for the three months ended March 31, 2012. Total earnings available to unvested restricted stock include distributed earnings of $192,000, or $0.39 per weighted average share, and undistributed earnings of $114,000, or $0.23 per weighted average share for the three months ended March 31, 2011.

For the three-month periods ended March 31, 2012 and 2011, the calculations for basic shares outstanding exclude: (1) the weighted average shares owned by the Recognition and Retention Plan ("RRP") of 590,013 and 559,388, respectively, and (2) the weighted average shares in Treasury Stock of 1,723,843 and 1,168,286, respectively.

The effect from the assumed exercise of 528,719 and 562,626 stock options was not included in the computation of diluted earnings per share for the three-month periods ended March 31, 2012 and 2011, respectively, because such amounts would have had an antidilutive effect on earnings per share.