Earnings Per Share Calculations

6 Months Ended

Jun. 30, 2011

Earnings Per Share Calculations

Earnings Per Share Calculations

Note 5. Earnings Per Share Calculations

The computations of basic and diluted earnings per share are noted below. Basic earnings per share are 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 reflect the potential dilution that could occur if securities or other contracts were exercised or converted into common stock. RSAs are included in the common shares outstanding because the shares have all the same voting and dividend rights as issued and unrestricted common stock.  At the close of business on June 10th, the Company’s 2 for 1 stock split has been adjusted retroactively for all periods presented.

The SARs outstanding of 361,356 shares are anti-dilutive for the three and six months ended June 30, 2011 and 2010. All options are dilutive and the dilutive effect is shown in the table below.

(In thousands, except per share data)

	Three Months Ended June 30
	2011		2010
Net income available to common stockholders	$	12,190	$	10,381
Weighted average common shares, basic	41,752		41,606
Dilutive common stock options (treasury method)	16		30
Shares used for dilutive computation	41,768		41,636
Net income per share — basic	$	0.29	$	0.25
Net income per share — diluted	$	0.29	$	0.25

	Six Months Ended June 30
	2011		2010
Net income available to common stockholders	$	14,909	$	12,399
Weighted average common shares, basic	41,724		41,582
Dilutive common stock options (treasury method)	16		30
Shares used for dilutive computation	41,740		41,612
Net income per share — basic	$	0.36	$	0.30
Net income per share — diluted	$	0.36	$	0.30