Note 11 - Earnings Per Common Share

9 Months Ended

Sep. 30, 2011

Note 11: Earnings Per Common Share

The table below shows earnings per common share and diluted earnings per common share. Basic earnings per common share are computed by dividing net income applicable to common equity by the average number of common shares outstanding during the period. Diluted earnings per common share are computed by dividing net income applicable to common equity by the average number of common shares outstanding during the period plus the impact of common stock equivalents.

	For the Three Months ended				For the Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
	(In thousands, except per share data)				(In thousands, except per share data)
Net income applicable to common equity (numerator)	$	22,432	$	23,709	$	66,083	$	70,846
Basic earnings per common share
Weighted average number of common shares outstanding - basic (denominator)		28,433		29,127		28,739		29,187
Basic earnings per common share	$	0.79	$	0.81	$	2.30	$	2.43
Diluted earnings per common share
Weighted average number of common shares outstanding - basic		28,433		29,127		28,739		29,187
Add exercise of options reduced by the number of shares that could have been purchased with the proceeds of such exercise		65		258		140		328
Weighted average number of common shares outstanding - diluted (denominator)		28,498		29,385		28,879		29,515
Diluted earnings per common share	$	0.79	$	0.81	$	2.29	$	2.40

For the three and nine months ended September 30, 2011, options to purchase 1,940 thousand and 1,452 thousand shares of common stock, respectively, were outstanding but not included in the computation of diluted net income per share because the option exercise price exceeded the fair value of the stock such that their inclusion would have had an anti-dilutive effect. For the three months and nine months ended September 30, 2010, options to purchase 273 thousand and 285 thousand shares of common stock, respectively, were outstanding but not included in the computation of diluted net income per share because their inclusion would have had an anti-dilutive effect.