EARNINGS PER SHARE (EPS)

3 Months Ended

Mar. 31, 2012

EARNINGS PER SHARE (EPS) [Abstract]

EARNINGS PER SHARE

6.   EARNINGS PER SHARE ("EPS")

Basic EPS is computed by dividing net income by the weighted-average common shares outstanding during the reporting period.  Diluted EPS is computed using the same method as basic EPS, but reflects the potential dilution that would occur if "in the money" stock options were exercised and converted into common stock.  In determining the weighted average shares outstanding for basic and diluted EPS, treasury stock and unallocated ESOP shares are excluded.  Vested restricted stock award shares are included in the calculation of the weighted average shares outstanding for basic and diluted EPS.   Unvested restricted stock award shares are recognized as a special class of securities under ASC reference number 260.

The following is a reconciliation of the numerators and denominators of basic EPS and diluted EPS for the periods presented:

	Three Months Ended March 31,
	2012			2011
Numerator:
Net Income per the Condensed Consolidated Statements of Operations	$	10,247		$	11,080
Denominator:
Weighted-average number of shares outstanding utilized in the calculation of basic EPS		34,045,353			33,467,483
Common stock equivalents resulting from the dilutive effect of "in-the-money" outstanding stock options		107,112			283,269
Anti-dilutive effect of tax benefits associated with "in-the-money" outstanding stock options		(10,890	)		(25,026	)
Weighted average number of shares outstanding utilized in the calculation of diluted EPS		34,141,575			33,725,726

Common stock equivalents resulting from the dilutive effect of "in-the-money" outstanding stock options are calculated based upon the excess of the average market value of the Holding Company's common stock over the exercise price of outstanding in-the-moneystock options during the period.

There were 1,282,607 and 1,166,048 weighted-average stock options outstanding for the three-month periods ended March 31, 2012 and 2011, respectively, that were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period.