Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

EARNINGS PER SHARE

NOTE 5 — EARNINGS PER SHARE

     Basic earnings per share is calculated by dividing net income available to common shareholders by the weighted average number of participating common shares outstanding. Unvested restricted shares are considered outstanding in the computation of basic earnings per share as holders of unvested restricted stock awards participate fully in the awards of stock ownership of the Company, including voting and dividend rights. Diluted earnings per share has been calculated in a manner similar to that of basic earnings per share except that the weighted average number of common shares outstanding is increased to include the number of additional common shares that would have been outstanding if all potentially dilutive common shares (such as those resulting from the exercise of stock options) were issued during the period, computed using the treasury stock method.

     Earnings per share consisted of the following components for the periods indicated:

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2011		2010			2011		2010
	(Dollars in Thousands)					(Dollars in Thousands)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	11,120	$	8,030		$	22,308	$	17,257
	Weighted Average Shares					Weighted Average Shares
BASIC SHARES		21,441,864		20,964,706	(1)		21,370,457		20,951,264	(1)
Effect of Dilutive Securities		39,159		90,939			43,775		83,289
DILUTIVE SHARES		21,481,023		21,055,645			21,414,232		21,034,553
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS PER SHARE
BASIC EPS	$	0.52	$	0.38		$	1.04	$	0.82
Effect of Dilutive Securities		—		—			—		—
DILUTIVE EPS	$	0.52	$	0.38		$	1.04	$	0.82

(1) Unvested restricted stock awards were not considered outstanding in the computation of basic earnings per share due to the immaterial balance for the three and six months ended June 30, 2010.

     The following table illustrates the options to purchase common stock that were excluded from the calculation of diluted earnings per share because they were anti-dilutive:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
Stock Options		808,918		745,581		793,675		744,221