Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

EARNINGS PER SHARE

(9)    EARNINGS PER SHARE

Earnings per share consisted of the following components for the years ended December 31:

	2011		2010		2009
	(Dollars In Thousands)
Net Income	$	45,436	$	40,240	$	22,989
Less: Preferred Stock Dividends		—		—		5,698
Net Income Available to Common Shareholders	$	45,436	$	40,240	$	17,291
	Weighted Average Shares
	(Shares in Thousands)
Basic Shares(1)		21,423		21,178		19,643
Effect of dilutive securities		29		26		30
Diluted Shares		21,452		21,204		19,673
Net Income Available to Common Shareholders per Share
Basic EPS	$	2.12	$	1.90	$	0.88
Effect of dilutive securities		—		—		—
Diluted EPS	$	2.12	$	1.90	$	0.88

(1) Unvested participating restricted stock awards were not considered outstanding in the computation of basic earnings per share due to the immaterial balance for the year ended December 31, 2009.

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:

	As of December 31,
	2011		2010		2009
Stock Options		824,225		790,140		1,024,831