Earnings Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share

2.  Earnings Per Share

A reconciliation of the component parts of earnings per share (EPS) for the three months and six months ended June 30, 2012 and 2011 is as follows:

(dollars in thousands, except per share data)
	For the three		For the six
	months ended		months ended
	June 30, 2012:		June 30, 2012:
Net income	$	9,066	$	17,975
Less: Net income allocated to participating securities		10		20
	$	9,056	$	17,955
Basic EPS:
Distributed earnings allocated to common stock	$	6,139	$	12,287
Undistributed earnings allocated to common stock		2,917		5,668
Net income allocated to common shareholders	$	9,056	$	17,955
Weighted average common shares outstanding including participating securities		93,667		93,609
Less: Participating securities		106		106
Weighted average common shares		93,561		93,503
Basic EPS		0.097		0.192
Diluted EPS:
Net income allocated to common shareholders	$	9,056	$	17,955
Weighted average common shares for basic EPS		93,561		93,503
Effect of Dilutive Securities:
Stock Options		1		1
Weighted average common shares including potential dilutive shares		93,562		93,504
Diluted EPS		0.097		0.192

			Weighted
(dollars in thousands, except per share data)			Average Shares		Per Share
	Income		Outstanding		Amounts
For the quarter ended
June 30, 2011:
Basic EPS:
Income available to common shareholders	$	7,766		77,363	$	0.100
Effect of Dilutive Securities:
Stock Options		-		-		-
Diluted EPS	$	7,766		77,363	$	0.100
(dollars in thousands, except per share data)			Weighted
			Average Shares		Per Share
	Income		Outstanding		Amounts
For the six months ended
June 30, 2011:
Basic EPS:
Income available to common shareholders	$	15,148		77,302	$	0.196
Effect of Dilutive Securities:
Stock Options		-		-		-
Diluted EPS	$	15,148		77,302	$	0.196

For the three months ended June 30, 2012 and 2011, the weighted average number of antidilutive stock options excluded from diluted earnings per share was approximately 3.1 million and 2.6 million, respectively.  For the six months ended June 30, 2012 and 2011, the weighted average number of antidilutive stock options excluded from diluted earnings per share was approximately 3.1 million and 2.8 million, respectively.  The stock options are antidilutive because the strike price is greater than the average fair value of the Company's common stock for the periods presented.