Earnings Per Share

9 Months Ended

Sep. 30, 2011

Notes to Financial Statements [Abstract]

Note 8 - Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in thousands except per share data)	2011		2010		2011		2010
Numerator:
Net income	$	10,665	$	8,450	$	28,939	$	23,794

Denominator:
Basic earnings per share:
Weighted average shares		15,318		15,239		15,307		15,223
Diluted earnings per share:
Effect of dilutive stock options		21		36		24		37
Adjusted weighted average shares		15,339		15,275		15,331		15,260

Earnings per share:
Basic earnings per share	$	0.70	$	0.55	$	1.89	$	1.56
Diluted earnings per share		0.70		0.55		1.89		1.56

Options to purchase 356,205 and 323,755 common shares, respectively, were excluded from the diluted calculations above for the three and nine months ended September 30, 2011, because the exercise prices on the options were greater than the average market price for the period. Options to purchase 422,972 common shares were excluded from the diluted calculations above for the three and nine months ended September 30, 2010.