WEIGHTED AVERAGE COMMON SHARES

6 Months Ended

Jun. 30, 2011

WEIGHTED AVERAGE COMMON SHARES [Abstract]

WEIGHTED AVERAGE COMMON SHARES

2. WEIGHTED AVERAGE COMMON SHARES

The weighted average number of common shares used to compute basic and diluted income per share for the three and six months ended June 30, 2011 and 2010, respectively, was as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2011		2010		2011		2010
Basic shares outstanding		21,989,756		25,779,597		21,966,466		25,669,611
Dilutive effect of stock options		571,582		659,604		523,226		717,819
Diluted shares outstanding		22,561,338		26,439,201		22,489,692		26,387,430

For the three and six months ended June 30, 2011 and 2010, options to acquire 304,333 and 46,000 shares, respectively, were excluded from the above table because they have an exercise price that is greater than the average market price of the Company's common stock and therefore their impact on reported earnings per share would have been antidilutive.

Because certain performance conditions have not been met with respect to the Company's performance shares, the Company has determined these shares to be contingently issuable on April 29, 2011.  As a result 134,131 shares of outstanding performance shares have been excluded from the computation of diluted earnings per share for the three and six months ended June 30, 2011.