EARNINGS PER SHARE (EPS)

6 Months Ended

Jun. 30, 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 260.

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2012		2011		2012		2011
Numerator:
Net Income per the Consolidated Statements of Operations	$	11,531	$	12,338	$	21,778	$	23,418
Denominator:
Weighted-average number of shares outstanding utilized in the calculation of basic EPS		34,180,983		33,695,418		34,113,168		33,582,080
Common stock equivalents resulting from the dilutive effect of "in-the-money" outstanding stock options, net of the effect of tax benefits		48,219		170,490		66,928		211,636
Weighted average number of shares outstanding utilized in the calculation of diluted EPS		34,229,202		33,865,908		34,180,096		33,793,716

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 2,203,024 and 1,263,877 weighted-average stock options outstanding for the three-month periods ended June 30, 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.  There were 1,331,331 and 1,232,350 weighted-average stock options outstanding for the six-month periods ended June 30, 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.