Earnings Per Share

6 Months Ended

Jun. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Note 5. Earnings Per Share

All weighted average, actual share and per share information set forth in this quarterly report on Form 10-Q for the six months ended June 30, 2012 and 2011 have been adjusted retroactively for the effects of the stock dividend distributed on April 16, 2012. The following schedule shows the Company’s earnings per share for the periods presented:

	For the three months ended				For the six months ended
	June 30,				June 30,
(In thousands, except per share data)	2012		2011		2012		2011
Net income available to common shareholders	$	5,453	$	4,564	$	9,804	$	8,049
Less: earnings allocated to participating securities		49		33		85		58
Net income allocated to common shareholders	$	5,404	$	4,531	$	9,719	$	7,991
Weighted average number of common shares outstanding - basic (1)		26,737		26,555		26,719		26,533
Share-based plans (1)		63		199		55		165
Weighted average number of common shares - diluted (1)		26,800		26,754		26,774		26,698
Basic earnings per share	$	0.20	$	0.17	$	0.36	$	0.30
Diluted earnings per share	$	0.20	$	0.17	$	0.36	$	0.30

(1) Adjusted for 5% stock dividend distributed April 16, 2012 to shareholders of record on March 30, 2012.

Options to purchase 570,914 shares of common stock at a weighted average price of $12.79 per share were outstanding and were not included in the computation of diluted earnings per share for the quarter ended June 30, 2012 because the exercise price was greater than the average market price. Options to purchase 665,588 shares of common stock at a weighted average price of $12.69 per share were not included in the computation of diluted earnings per share for the quarter ended June 30, 2011 because the exercise price was greater than the average market price.

Options to purchase 570,914 shares of common stock at a weighted average price of $12.79 per share were outstanding and were not included in the computation of diluted earnings per share for the six months ended June 30, 2012 because the exercise price was greater than the average market price. Options to purchase 665,588 shares of common stock at a weighted average price of $12.69 per share and 82,721 shares of restricted stock at a weighted average price of $9.41 per share were outstanding and were not included in the computation of diluted earnings per share for the six months ended June 30, 2011 because the exercise price and the grant-date price, respectively, were greater than the average market price.