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Earnings Per Common Share
6 Months Ended
Jun. 30, 2012
Earnings Per Common Share [Abstract]  
Earnings Per Common Share

Note 9: 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 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 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:

                                 
    Three Months Ended
June  30,
    Six Months Ended
June  30,
 
    2012     2011     2012     2011  
    (In thousands, except per share data)  

Numerator for both basic and diluted earnings per common share, net income

  $ 13,866     $ 11,033     $ 26,240     $ 20,221  
   

 

 

   

 

 

   

 

 

   

 

 

 
         

Denominator for basic earnings per common share, weighted average common shares outstanding

    27,493       27,454       27,486       27,453  

Weighted average common stock equivalents

    84       43       72       37  
   

 

 

   

 

 

   

 

 

   

 

 

 

Denominator for diluted earnings per common share

    27,577       27,497       27,558       27,490  
   

 

 

   

 

 

   

 

 

   

 

 

 
         

Basic earnings per common share

  $ 0.50     $ 0.40     $ 0.95     $ 0.74  

Diluted earnings per common share

    0.50       0.40       0.95       0.74  

 

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 637,661 and 682,462 for the three months ended June 30, 2012 and 2011, respectively, and 622,252 and 659,875 for the six months ended June 30, 2012 and 2011, respectively.