EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2011

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

12.   EARNINGS PER COMMON SHARE

The following table shows a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share.

	Year ended December 31,
	2011		2010		2009
Numerators
Net income	$	16,389	$	12,931	$	10,155
Denominators
Weighted average common shares - basic		11,559,895		11,420,524		11,305,231
Dilutive effect of restricted stock		181,618		209,743		3,318
Dilutive effect of employee stock options		-		6,118		32,763
Weighted average common shares - diluted		11,741,513		11,636,385		11,341,312
Basic earnings per share	$	1.42	$	1.13	$	0.90
Diluted earnings per share	$	1.40	$	1.11	$	0.90

There were no anti-dilutive shares of non-vested restricted stock for the years ended December 31, 2011 and 2010.  A weighted average of 78,621 shares of non-vested restricted stock under the Company's share-based compensation plan was excluded from the computation of 2009 diluted net income per common share, respectively, because the grant date fair value was greater than the average market price of the common shares during the respective reporting periods, causing such shares to have an anti-dilutive effect on earnings per share.