Restatement

12 Months Ended

Dec. 31, 2011

Restatement [Abstract]

Restatement

Note 2.   Restatement

We are restating our previously reported financial information as of and for the years ended December 31, 2011, 2010, and 2009 to change our accounting for interest rate swap agreements under ASC 815, "Derivatives and Hedging."

ASC 815 requires that all derivative instruments be recorded on the balance sheet as either an asset or a liability measured at its fair value, and that changes in the derivatives fair value be recognized in earnings unless specific hedge accounting criteria are met. We had applied the method of cash flow hedge accounting under ASC 815 to account for the interest rate swap agreements that allowed us to record changes in the instruments' fair value in other comprehensive income (the "cash flow" method). We recently concluded that the interest rate swap agreements did not qualify for the cash flow method because the required documentation was not in place at the inception of the hedge agreements as well as on an ongoing basis. This change reverses the fair value adjustments that were made in other comprehensive income to be recognized in earnings.

Although the swaps do not qualify for the cash flow method under ASC 815, there is no effect on cash flows from operating, investing, or financing activities for these changes. The change in the accounting treatment has not impacted the economics of the interest rate swap agreements.

The following table details the impact of the restatement on the Company's Statement of Operations for the years ended December 31, 2011, 2010 and 2009 and the Balance Sheets for December 31, 2011, 2010 and 2009.

(Dollars in thousands, except share data)	2011									2010									2009
Statement of Operations Data:	As Reported			Restatement			Restated			As Reported			Restatement			Restated			As Reported			Restatement			Restated
Operating income	$	19,655		$	-		$	19,655		$	20,968		$	-		$	20,968		$	18,585		$	-		$	18,585
Other income and expense:
Interest and other income		63			-			63			73			-			73			105			-			105
Interest expense		(4,885	)		(1,390	)		(6,275	)		(4,914	)		830			(4,084	)		(6,918	)		1,378			(5,540	)
Total other (expense)		(4,822	)		(1,390	)		(6,212	)		(4,841	)		830			(4,011	)		(6,813	)		1,378			(5,435	)
Income before income taxes		14,833			(1,390	)		13,443			16,127			830			16,957			11,772			1,378			13,150
Income tax provision		5,596			(554	)		5,042			4,033			332			4,365			499			549			1,048
Net income	$	9,237		$	(836	)	$	8,401		$	12,094		$	498		$	12,592		$	11,273		$	829		$	12,102
Other comprehensive income, net of taxes	$	(1,428	)	$	836		$	(592	)	$	231		$	(498	)	$	(267	)	$	(1,173	)	$	(829	)	$	(2,002	)
Total comprehensive income	$	7,809		$	-		$	7,809		$	12,325		$	-		$	12,325		$	10,100		$	-		$	10,100
Basic earnings per share	$	0.69		$	(0.06	)	$	0.63		$	0.91		$	0.04		$	0.95		$	0.86		$	0.07		$	0.93
Diluted earnings per share	$	0.69		$	(0.06	)	$	0.63		$	0.91		$	0.04		$	0.95		$	0.86		$	0.07		$	0.93
Balance Sheet Data:
Shareholders' equity:
Common stock	$	1,340		$	-		$	1,340		$	1,330		$	-		$	1,330		$	1,310		$	-		$	1,310
Additional paid-in capital		15,683			-			15,683			14,328			-			14,328			12,975			-			12,975
Retained earnings		31,797			(1,488	)		30,309			29,841			(652	)		29,189			24,687			(1,150	)		23,537
Accumulated other comprehensive income (loss)		(5,623	)		1,488			(4,135	)		(4,195	)		652			(3,543	)		(4,426	)		1,150			(3,276	)
Total shareholders' equity	$	43,197		$	-		$	43,197		$	41,304		$	-		$	41,304		$	34,546		$	-		$	34,546