Earnings Per Share

9 Months Ended

Sep. 30, 2012

Earnings Per Share [Abstract]

Earnings Per Share

7. Earnings Per Share

Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the period presented. Diluted earnings per share is computed by including the net increase in shares as if dilutive outstanding stock options were exercised, using the treasury stock method.

Basic and diluted earnings per share has been computed based on the following:

	Three Months ended				Nine Months ended
(Dollars in thousands, except per share data)	September 30, 2012		September 30, 2011		September 30, 2012	September 30, 2011
Net income (loss) available to common stockholders, basic and diluted	$	19,444	(19,048	)	54,758	3,123
Average outstanding shares - basic	71,933,141		71,915,073		71,925,664	71,915,073
Add: dilutive stock options and awards	40,844		—		97	—
Average outstanding shares - diluted	71,973,985		71,915,073		71,925,761	71,915,073
Basic earnings (loss) per share	$	0.27	(0.27	)	0.76	0.04
Diluted earnings (loss) per share	$	0.27	(0.27	)	0.76	0.04

There were 903,945 and 1,597,959 options excluded from the diluted average outstanding share calculation for the nine months ended September 30, 2012 and 2011, respectively, due to the option exercise price exceeding the market price of the Company’s common stock.