Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share

Earnings Per Share

Note 11 — Earnings Per Share

Basic earnings per share are calculated by dividing net income available to common shareholders by the weighted-average shares of common stock outstanding during each period, excluding non-vested shares.  The Company’s diluted earnings per share are based on the weighted-average shares of common stock outstanding during each period plus the maximum dilutive effect of common stock issuable upon exercise of stock options or vesting of restricted shares.  The weighted-average number of shares and equivalents are determined after giving retroactive effect to stock dividends and stock splits.

The following table sets forth the computation of basic and diluted earnings per share for the three and six months ended June 30:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(Dollars and shares in thousands)	2011		2010		2011		2010
Basic earnings per share:
Net income	$	4,918	$	575	$	7,434	$	49,536
Weighted-average basic shares	13,805		12,612		13,500		12,599
Basic earnings per share	$	0.36	$	0.05	$	0.55	$	3.93
Diluted earnings per share:
Net income	$	4,918	$	575	$	7,434	$	49,536
Weighted-average basic shares	13,805		12,612		13,500		12,599
Effect of dilutive securities	81		126		82		114
Weighted-average dilutive shares	13,886		12,738		13,582		12,713
Diluted earnings per share	$	0.35	$	0.05	$	0.55	$	3.90

The calculation of diluted earnings per share excludes outstanding stock options that have exercise prices greater than the average market price of the common shares for the period as follows:

	Three Months Ended		Six Months Ended
	June 30,		June 30,
(Dollars in thousands)	2011	2010	2011	2010
Number of shares	254,264	96,110	253,214	121,842
Range of exercise prices	$26.01 - $40.99	$31.10 - $40.99	$26.01 - $40.99	$31.10 - $40.99