Common Shares and Earnings Per Share

6 Months Ended

Jun. 30, 2013

Stockholders Equity and Earnings Per Share [Abstract]

Common Shares and Earnings Per Share

6. Common Shares and Earnings Per Share

Common Shares

Following is a reconciliation of the Company’s common shares outstanding from December 31, 2012 through June 30, 2013:

Common Shares Outstanding, December 31, 2012	36,168,368
Issuances:
Stock Options Exercised	53,809
Vesting of Restricted Stock Units	17,435
Restricted Stock Issued to Employees	17,000
Restricted Stock Issued to Directors	16,000
Director’s Compensation	4,535
Retirements:
Shares Withheld for Individual Income Tax Requirements	(7,184	)
Forfeiture of Unvested Restricted Stock	(2,000	)
Common Shares Outstanding, June 30, 2013	36,267,963

Earnings Per Share

The numerator used in the calculation of both basic and diluted earnings per common share is earnings available for common shares with no adjustments for the three and six month periods ended June 30, 2013 and 2012. The denominator used in the calculation of basic earnings per common share is the weighted average number of common shares outstanding during the period excluding nonvested restricted shares granted to the Company’s directors and employees, which are considered contingently returnable and not outstanding for the purpose of calculating basic earnings per share. The denominator used in the calculation of diluted earnings per common share is derived by adjusting outstanding shares for the following: (1) all potentially dilutive stock options, (2) underlying shares related to nonvested restricted stock units granted to employees, (3) nonvested restricted shares, (4) shares expected to be awarded for stock performance awards granted to executive officers, and (5) shares expected to be issued under the deferred compensation program for directors. The adjustments to the denominators used to calculate basic and diluted earnings per share resulted in no differences greater than $0.01 between basic and diluted earnings per share in total or from continuing or discontinued operations in each of the three and six month periods ended June 30, 2013 and 2012.

Excluded from the calculation of diluted earnings per share are the following outstanding stock options which had exercise prices greater than the average market price for the three and six month periods ended June 30, 2013 and 2012:

Three Months Ended June 30,	Options Outstanding	Range of Exercise Prices
2013	--	--
2012	92,497	$24.93 – $27.245

Six Months Ended June 30,	Options Outstanding	Range of Exercise Prices
2013	--	--
2012	92,497	$24.93 – $27.245