Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

Earnings Per Share

3. Earnings Per Share

Basic earnings per share exclude dilution and are computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Diluted earnings per share include the incremental effect of stock options calculated using the treasury stock method. Shares that are anti-dilutive are not included in the computation of diluted earnings per share. For the three months ended June 30, 2011 and 2010, approximately 111,000 and 120,000 shares, respectively, were not included in the computation of diluted earnings per share calculation, because to do so would have been anti-dilutive. For the six months ended June 30, 2011 and 2010, approximately 103,000 and 95,000 shares, respectively, were not included in the computation of diluted earnings per share calculation, because to do so would have been anti-dilutive. The following details the historical computation of basic and diluted earnings per common share (Class A and Class B) for the three and six months ended June 30, 2011 and 2010.

	Three months ended June 30,				Six months ended June 30,
	2011		2010		2011		2010
	(in thousands, except per share data))
Net Income	$	3,858	$	5,396	$	9,551	$	10,862
Weighted average number of basic shares outstanding during the period		13,681		13,628		13,675		13,598
Dilutive effect of stock options after application of treasury stock method		250		258		244		284
Weighted average number of diluted shares outstanding during the period		13,931		13,886		13,919		13,882
Basic earnings per share	$	0.28	$	0.40	$	0.70	$	0.80
Diluted earnings per share	$	0.28	$	0.39	$	0.69	$	0.78