Earnings Per Share

3 Months Ended

Mar. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS AND DIVIDENDS PER SHARE

Basic earnings per common share are based on the weighted average number of common shares outstanding during the reporting period.  Diluted earnings per common share assume the exercise of stock options and vesting of restricted shares using the treasury stock method, to the extent dilutive.

The following table summarizes the average number of common shares and the net income used in the calculation of basic and diluted earnings per share (in thousands, except share and per share amounts):

	Three Months Ended
	March 31,
	2012		2011
Income from continuing operations	$	17,127	$	15,490
Discontinued operations	1,223		3,603
Net income available to common stockholders	$	18,350	$	19,093
BASIC:
Weighted average common shares outstanding	27,776,104		27,696,727
Income from continuing operations per common share	$	.62	$	.56
Discontinued operations per common share	.04		.13
Net income per common share	$	.66	$	.69
DILUTED:
Weighted average common shares outstanding	27,776,104		27,696,727
Stock options	27,118		97,235
Restricted shares	—		2,147
Average dilutive common shares outstanding	27,803,222		27,796,109
Income from continuing operations per common share	$	.62	$	.56
Discontinued operations per common share	.04		.13
Net income per common share	$	.66	$	.69
Incremental shares excluded since anti-dilutive:
Stock options with an exercise price in excess of the market price for our common shares	11,681		11,130
Dividends declared per common share	$	.65	$	.615