Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Share

Note 18 Earnings Per Share

Calculation of basic earnings per share (Basic EPS) and diluted earnings per share (Diluted EPS) is shown below.    Share and per share data was retroactively adjusted to reflect a 10% stock dividend approved on January 26, 2010, and paid on February 15, 2010.

	Year ended December 31,
(in thousands, except share and per share data)	2011			2010			2009
Basic
Net income available to common shareholders	$	35,419		$	33,831		$	31,831
Less: dividends and undistributed earnings allocated to unvested restricted stock awards		(120	)		0			0
Net earnings allocated to common shareholders		35,299			33,831			31,831
Weighted average shares outstanding, including participating securities		11,030,578			10,826,570			10,691,033
Less: average participating securities
Weighted average shares outstanding - Basic		(28,472	)		(14,068	)		(4,044	)
		11,002,106			10,812,502			10,686,989
Diluted
Net earnings allocated to common shareholders		35,299			33,831			31,831
Weighted average shares outstanding - Basic		11,002,106			10,812,502			10,686,989
Dilutive effect of common stock options or restricted stock awards		33,278			51,948			72,531
Weighted average shares outstanding - Diluted		11,035,384			10,864,450			10,759,520
Basic EPS		3.21			3.13			2.98
Diluted EPS		3.20			3.11			2.96

There were approximately 734,263, and 708,462, and 637,436 weighted average stock options for the years ended December 31, 2011, 2010, and 2009, respectively, that were not considered in the calculation of diluted earnings per share since the stock options’ exercise prices were greater than the average market price during  these  periods.