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EARNINGS PER SHARE
6 Months Ended
Jun. 30, 2011
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
NOTE 3: EARNINGS PER SHARE
 
Earnings per share have been computed based upon the weighted average common shares outstanding.
 
   
Six Months Ended
June 30, 2011
   
Six Months Ended
June 30, 2010
 
   
Income
   
Weighted Average Shares
   
Per Share Amount
   
Income
   
Weighted Average Shares
   
Per Share Amount
 
   
(In Thousands, Except Share Amounts)
 
Basic earnings per share
                                   
Income available to common stockholders
  $ 1,242       1,514,472     $ .82     $ 1,254       1,507,091     $ .83  
                                                 
Effect of dilutive RRP awards and stock options
            1,670                       6,221          
                                                 
Diluted earnings per share
                                               
Income available to common stockholders and assumed conversions
  $ 1,242       1,516,142     $ .82     $ 1,254       1,513,312     $ .83  
 

 
   
Three Months Ended
June 30, 2011
   
Three Months Ended
June 30, 2010
 
   
Income
   
Weighted Average Shares
   
Per Share Amount
   
Income
   
Weighted Average Shares
   
Per Share Amount
 
   
(In Thousands, Except Share Amounts)
 
Basic earnings per share
                                   
Income available to common stockholders
  $ 531       1,514,472     $ .35     $ 624       1,509,681     $ .41  
                                                 
Effect of dilutive RRP awards and stock options
            2,233                       5,001          
                                                 
Diluted earnings per share
                                               
Income available to common stockholders and assumed conversions
  $ 531       1,516,705     $ .35     $ 624       1,514,681     $ .41  
 
 
Net income for the six-month period ending June 30, 2011, of $1,423,000 was reduced by $181,000 for dividends on preferred stock in the same period, to arrive at income available to common stockholders of $1,242,000. For the six-month period ending June 30, 2010, net income of $1,435,000 was reduced by $181,000 for dividends on preferred stock in the same period, to arrive at income available to common stockholders of $1,254,000.
 
Net income for the three-month period ending June 30, 2011 of $622,000 was reduced by $91,000 for dividends on preferred stock in the same period, to arrive at income available to common stockholders of $531,000. For the three-month period ending June 30, 2010, net income of $716,000 was reduced by $92,000 for dividends on preferred stock in the same period, to arrive at income available to common stockholders of $624,000.

Certain groups of options were not included in the computation of diluted earnings per share because the option price was greater than the average market price of the common shares:
 
n
For the three-month and six-month periods ended June 30, 2011, options to purchase 5,000 shares at an exercise price of $22.25 per share were outstanding and were not included in the computation of diluted earnings for those periods.
 
n
For the three-month and six-month periods ended June 30, 2010, options to purchase 5,000 shares of common stock at an exercise price of $22.25 per share and options to purchase 19,000 shares of common stock at an exercise price of $14.56 were outstanding and were not included in the computation of diluted earnings for those periods.