Earnings Per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Note 8. Earnings Per Share

Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity (such as the Company's dilutive stock options and restricted stock units).

The following is a reconciliation of basic and diluted earnings per share for the periods presented in the consolidated statements of income.

Three months ended September 30,	2012		2011
(in thousands, except per share data)
Basic EPS:
Weighted average common shares outstanding		33,619		33,324
Net income available to common shareholders		14,535		15,217
Basic EPS	$	0.43	$	0.46
Diluted EPS:
Weighted average common shares outstanding		33,619		33,324
Dilutive effect of common stock options and restricted stock		342		243
Weighted average common shares and common share equivalents		33,961		33,567
Net income available to common shareholders		14,535		15,217
Diluted EPS	$	0.43	$	0.45

Nine months ended September 30,		2012		2011
(in thousands, except per share data)
Basic EPS:
Weighted average common shares outstanding		33,293		33,897
Net income available to common shareholders		41,442		44,179
Basic EPS	$	1.24	$	1.30
Diluted EPS:
Weighted average common shares outstanding		33,293		33,897
Dilutive effect of common stock options and restricted stock		333		262
Weighted average common shares and common share equivalents		33,626		34,159
Net income available to common shareholders		41,442		44,179
Diluted EPS	$	1.23	$	1.29

There were 1,176,670 stock options for the quarter ended September 30, 2012 and 1,651,159 stock options for the quarter ended September 30, 2011 that were not considered in the calculation of diluted earnings per share since the stock options' exercise price was greater than the average market price during these periods.

There were 1,197,417 stock options for the nine months ended September 30, 2012 and 1,239,021 stock options for the nine months ended September 30, 2011 that were not considered in the calculation of diluted earnings per share since the stock options' exercise price was greater than the average market price during these periods.