Earnings Per Common Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

NOTE 22 — EARNINGS PER COMMON SHARE

Basic earnings per common share for the Corporation is computed by dividing net income by the weighted average number of common shares outstanding during the period. Basic earnings per common share excludes any dilutive effect of common stock equivalents.

Diluted earnings per common share for the Corporation is computed by dividing net income by the sum of the weighted average number of common shares outstanding and the dilutive effect of common stock equivalents using the treasury stock method. Average shares of common stock for diluted net income per common share include shares to be issued upon the exercise of stock options granted under the Corporation’s stock option plans, restricted stock performance units that may be converted to stock, stock to be issued under the deferred stock compensation plan for non-employee directors and stock to be issued under the stock purchase plan for non-employee advisory directors. For any period in which a loss is recorded, the assumed exercise of stock options, restricted stock performance units that may be converted to stock and stock to be issued under the deferred stock compensation plan and the stock purchase plan would have an anti-dilutive impact on the loss per common share and thus are excluded in the diluted earnings per common share calculation.

The following summarizes the numerator and denominator of the basic and diluted earnings per common share computations:

	December 31,
	2011		2010		2009
	(In thousands, except per share data)
Numerator for both basic and diluted earnings per common share, net income	$	43,050	$	23,090	$	10,003
Denominator for basic earnings per common share, weighted average common shares outstanding		27,455		26,276		23,890
Weighted average common stock equivalents		51		29		19
Denominator for diluted earnings per common share		27,506		26,305		23,909
Basic earnings per common share	$	1.57	$	0.88	$	0.42
Diluted earnings per common share		1.57		0.88		0.42

The average number of exercisable employee stock option awards outstanding that were “out-of-the-money,” whereby the option exercise price per share exceeded the market price per share and, therefore, were not included in the computation of diluted earnings per common share because they would have been anti-dilutive, totaled 660,553 for the year ended December 31, 2011, 597,710 for the year ended December 31, 2010 and 529,571 for the year ended December 31, 2009.