Earnings per Share

3 Months Ended

Mar. 31, 2012

Earnings per Share [Abstract]

Earnings per Share [Text Block]

2. Earnings Per Share

A reconciliation of the component parts of earnings per share (EPS) for the three months ended March 31, 2012 and 2011 is as follows:

(dollars in thousands,
except per share data)
For the quarter ended
March 31, 2012:
Net income	$	8,909
Less: Net income allocated to participating securities		10
Net income allocated to common shareholders	$	8,899
Basic EPS:
Distributed earnings allocated to common stock	$	6,139
Undistributed earnings allocated to common stock		2,760
Net income allocated to common shareholders	$	8,899
Weighted average common shares outstanding including participating securities		93,546
Less: Participating securities		106
Weighted average common shares		93,440
Basic EPS		0.095
Diluted EPS:
Net income allocated to common shareholders	$	8,899
Weighted average common shares for basic EPS		93,440
Effect of Dilutive Securities:
Stock Options		1
Weighted average common shares including potential dilutive shares		93,441
Diluted EPS		0.095

(dollars in thousands,			Weighted
except per share data)			Average Shares		Per Share
	Income		Outstanding		Amounts
For the quarter ended March 31, 2011:
Basic EPS:
Income available to common shareholders	$	7,382		77,241	$	0.096
Effect of Dilutive Securities:
Stock Options		-		-		-
Diluted EPS	$	7,382		77,241	$	0.096

For the three months ended March 31, 2012 and 2011, the weighted average number of antidilutive stock options excluded from diluted earnings per share was approximately 3.1 million and 2.9 million, respectively.  The stock options are antidilutive because the option price is greater than the average fair value of the Company's common stock.