Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings per share of common stock:

Earnings Per Share Text Block

3.Earnings Per Share

Basic earnings per share are computed using the weighted average number of common shares outstanding during each period presented.  Diluted earnings per share are computed using the weighted average number of common shares outstanding plus the potential effects of the assumed exercise of stock options, and payment of estimated stock awards from other stock-based compensation plans that are outstanding, at the end of each period presented.  Diluted earnings per share are calculated as follows:

		Three Months Ended				Six Months Ended
		June 30,				June 30,
Thousands, except per share amounts			2011		2010		2011		2010
Net income		$	2,193	$	6,888	$	42,966	$	50,496
Average common shares outstanding - basic			26,673		26,569		26,671		26,553
	Additional shares for stock-based compensation plans		54		72		54		68
Average common shares outstanding - diluted			26,727		26,641		26,725		26,621
Earnings per share of common stock - basic		$	0.08	$	0.26	$	1.61	$	1.90
Earnings per share of common stock - diluted		$	0.08	$	0.26	$	1.61	$	1.90

For the three months ended June 30, 2011 and 2010, 8,946 and 5,052 common share equivalents, respectively, were excluded from the calculation of diluted earnings per share because the effect of these additional shares on the net income for both periods would have been anti-dilutive. For the six months ended June 30, 2011 and 2010, 3,883 and 1,364 common share equivalents, respectively, were excluded from the calculation of diluted earnings per share because the effect of these shares would have been anti-dilutive.