Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

6. Earnings Per Share:

Basic earnings per share includes no dilution and is computed by dividing net income or loss available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share includes the impact of dilutive securities such as stock options and unvested shares of restricted stock. The following tables present the computations of basic and diluted earnings per share for the periods indicated:

	Three Months Ended March 31,
(Shares in thousands)	2012				2011
	Basic		Diluted		Basic		Diluted
Weighted-average shares outstanding
Common stock		7,865		7,865		7,661		7,661
Stock options and unvested restricted stock		-		8		-		20
Weighted-average common and common equivalent shares outstanding		7,865		7,873		7,661		7,681
Net income applicable to common stock	$	10,762	$	10,762	$	19,785	$	19,785
Earnings per common share	$	1.37	$	1.37	$	2.58	$	2.58

The diluted earnings per share for the three months ended March 31, 2012 and 2011 did not include the antidilutive effect of 23,951 and 84,496 shares, respectively, of awarded restricted stock units, stock options and restricted stock.