EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

EARNINGS PER SHARE

13.       EARNINGS PER SHARE

The Corporation is required to report both basic earnings per share (“EPS”), based on the weighted-average number of Common shares outstanding, and diluted earnings per share, based on the basic EPS adjusted for all potentially dilutive shares issuable.

At December 31, 2011 and 2010, the Corporation had non-qualified share options outstanding of 653,000 shares and 1,068,000 shares, respectively, which were not included in the computation of diluted EPS because to do so would have been anti-dilutive. Earnings per share calculations for the years ended December 31, 2011, 2010, and 2009, are as follows:

				Weighted-Average	Earnings
(In thousands, except stock options outstanding)		Net Income		Shares Outstanding	Per Share
2011:
Basic earnings per share		$	130,423	46,372	$	2.81
Effect of dilutive securities:
	Employee share-based compensation awards			567
	Deferred director share-based compensation			74
Diluted earnings per share		$	130,423	47,013	$	2.77
2010:
Basic earnings per share		$	106,598	45,823	$	2.33
Effect of dilutive securities:
	Employee share-based compensation awards			426
	Deferred director share-based compensation			73
Diluted earnings per share		$	106,598	46,322	$	2.30
2009:
Basic earnings per share		$	95,221	45,237	$	2.10
Effect of dilutive securities:
	Employee share-based compensation awards			389
	Deferred director share-based compensation			69
Diluted earnings per share		$	95,221	45,695	$	2.08