Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

Note 16: Earnings Per Share

Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares and dilutive potential common shares, which includes the dilutive effect of stock options and restricted stock grants. Dilutive potential common shares for all periods presented are computed utilizing the treasury stock method.

In the computation of diluted earnings per common share for the three months ended June 30, 2011 and 2010, we have excluded 484,889 and 527,587 stock options, respectively, with exercise prices greater than the average market price of the underlying common stock, because their inclusion would have been anti-dilutive. Furthermore, for the three months ended June 30, 2011 and 2010, we have excluded 42,177 and 195,492 of unvested shares of restricted stock, respectively, whose combined unamortized fair value and excess tax benefits were greater in each of those periods than the average market price of the underlying common stock, as their effect would be anti-dilutive.

In the computation of diluted earnings per common share for the six months ended June 30, 2011 and 2010, we have excluded 431,561 and 473,299 stock options, respectively, with exercise prices greater than the average market price of the underlying common stock, because their inclusion would have been anti-dilutive. Furthermore, for the six months ended June 30, 2011 and 2010, we have excluded 21,827 and 198,001 of unvested shares of restricted stock, respectively, whose combined unamortized fair value and excess tax benefits were greater in each of those periods than the average market price of the underlying common stock, as their effect would be anti-dilutive.

Basic and diluted earnings per share for the three and six months ended June 30, 2011 and 2010, are calculated as follows:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(In thousands, except per-share amounts)	2011		2010		2011		2010
BASIC
Net income	$	6,121	$	4,777	$	7,948	$	6,613
Weighted-average common shares outstanding		15,025		13,601		15,000		13,650
Basic earnings per share	$	0.41	$	0.35	$	0.53	$	0.48
DILUTED
Net income	$	6,121	$	4,777	$	7,948	$	6,613
Weighted-average common shares outstanding for basic		15,025		13,601		15,000		13,650
Dilutive effect of stock options and restricted stock		382		328		395		361
Weighted-average common shares outstanding on a diluted basis		15,407		13,929		15,395		14,011
Diluted earnings per share	$	0.40	$	0.34	$	0.52	$	0.47