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.