STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2011

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION

NOTE 6 — STOCK-BASED COMPENSATION

The Company issued 384,534 and 97,612 shares of common stock from treasury upon exercise of stock options during the nine months ended September 30, 2011 and 2010, respectively, and 2,138 and 392 shares of common stock from treasury for dividends earned on the vesting of restricted shares during the nine months ended September 30, 2011 and 2010, respectively.  The Company granted 45,703 and 1,600 stock options during the nine months ended September 30, 2011 and 2010, respectively, 66,604 restricted stock units during the nine months ended September 30, 2011 and 9,944 restricted shares during the nine months ended September 30, 2010.  The restricted shares granted during the nine months ended September 30, 2010 were issued from treasury.

For the three months ended September 30, 2011 and 2010, common shares subject to equity-based awards of 923,308 and 1,390,802, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.  For the nine months ended September 30, 2011 and 2010, common shares subject to equity-based awards of 492,166 and 1,390,172, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.