Earnings Per Share

9 Months Ended

Sep. 30, 2011


5.	Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per common share for each of the periods indicated:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2011		2010		2011		2010
			(000’s except share data)

Numerator:
Net income (loss) available to common shareholders for basic and diluted earnings per share	$	8,508	$	4,071	$	20,764	$	(2,029	)
Denominator:
Denominator for basic earnings per common share — weighted average shares		17,692,870		17,632,081		17,686,866		17,629,107
Effect of diluted securities:
Stock options		14,702		67,897		46,060		0

Denominator for diluted earnings per common share — adjusted weighted average shares		17,707,572		17,699,978		17,732,926		17,629,107

Basic earnings per common share	$	0.48	$	0.23	$	1.17	$	(0.12	)
Diluted earnings per common share	$	0.48	$	0.23	$	1.17	$	(0.12	)
Dividends declared per share	$	0.20	$	0.09	$	0.50	$	0.51

In November 2010, the Company declared a 10% stock dividend. Share and per share amounts for 2010 have been retroactively restated to reflect the issuance of the additional shares. For the nine months ended September 30, 2010, the effects of outstanding stock options were not included in the diluted earnings per share calculation as they would have been anti dilutive due to the Company’s net loss for the respective periods. At September 30, 2011, the Company had 259,271 anti dilutive options with an average exercise price of $32.04.