Earnings Per Common Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

EARNINGS PER COMMON SHARE (In Thousands, Except Per Share Amounts)

The following table presents a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per common share (“EPS”) for each of the years in the three-year period ended December 31, 2011.  All share and per share amounts have been adjusted for the 2011 3% stock dividend.

	Net Income (Numerator)		Weighted-Average Shares (Denominator)	Per Share Amount
For the Year Ended December 31, 2011:
Basic EPS	$	21,933	11,735	$	1.87
Dilutive Effect of Stock Options	—		12
Diluted EPS	$	21,933	11,747	$	1.87
For the Year Ended December 31, 2010:
Basic EPS	$	21,892	11,604	$	1.89
Dilutive Effect of Stock Options	—		35
Diluted EPS	$	21,892	11,639	$	1.88
For the Year Ended December 31, 2009:
Basic EPS	$	21,792	11,568	$	1.88
Dilutive Effect of Stock Options	—		52
Diluted EPS	$	21,792	11,620	$	1.88

During 2011, options to purchase 136 shares of common stock at an average price of $25.63 per share were outstanding but were not included in the computation of diluted EPS because the options’ exercise price was greater than the average market price of the common shares during that period.  Anti-dilutive shares for 2009 were 73 shares at an average price of $26.77 per share.