EARNINGS PER SHARE DATA

12 Months Ended

Dec. 31, 2012

EARNINGS PER SHARE DATA [Abstract]

EARNINGS PER SHARE DATA

NOTE 11 - EARNINGS PER SHARE DATA

Basic earnings per share is computed based on weighted average shares outstanding and excludes dilutive securities. Diluted earnings per share is computed including the impacts of all potentially dilutive securities.

The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data):

	December 31,
	2012	2011	2010
Basic:
Weighted average shares outstanding	14,374	14,301	13,821
Net income	$  50,985	$  31,437	$  19,381
Convertible preferred stock dividend	(90)	(90)	(90)
Net income attributable to common shareholders	$  50,895	$  31,347	$  19,291
Per share amount	$    3.54	$    2.19	$    1.40
Diluted:
Weighted average shares outstanding	14,374	14,301	13,821
Net effect of dilutive stock options from treasury stock method	-	-	7
Assumed conversion of convertible notes	-	-	153
Assumed conversion of convertible  preferred stock	840	840	840
Total dilutive shares	15,214	15,141	14,821
Net income attributable to  common shareholders	$  50,895	$  31,347	$  19,291
Interest on convertible notes, net of income taxes	-	-	142
Convertible preferred stock dividend	90	90	90
Net income for diluted  earnings per share	$  50,985	$  31,437	$  19,523
Per share amount	$    3.35	$    2.08	$    1.32