Earnings Per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Note 6 – 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)	2012		2011		2012		2011
Numerator:
Net income	$	10,209	$	10,665	$	34,310	$	28,939
Denominator:
Basic earnings per share:
Weighted average shares		15,491		15,318		15,450		15,307
Diluted earnings per share:
Effect of dilutive stock options		64		21		51		24
Adjusted weighted average shares		15,555		15,339		15,501		15,331
Earnings per share:
Basic earnings per share	$	0.66	$	0.70	$	2.22	$	1.89
Diluted earnings per share		0.66		0.70		2.21		1.89

Options to purchase 89,746 common shares were excluded from the diluted calculations above for both the three and nine months ended September 30, 2012, because the exercise prices on the options were greater than the average market price for the period. Unvested restricted stock grants were also used in the calculation of diluted earnings per share based on the treasury method. 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.