Earnings Per Share

6 Months Ended

Jun. 30, 2011

Earnings Per Share [Abstract]

EARNINGS PER SHARE

2. EARNINGS PER SHARE

The computations of basic and diluted earnings per share for the Company are as follows (in thousands, except per share data):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2011		2010		2011		2010
Numerator:
Net income attributable to common shareholders	$	4,900	$	4,451	$	8,646	$	7,623
Denominator:
Denominator for basic earnings per share - weighted-average shares		11,807		11,622		11,767		11,618
Effect of dilutive securities - Stock options		192		235		211		231
Denominator for diluted earnings per share - adjusted weighted-average shares		11,999		11,857		11,978		11,849
Earnings per share attributable to common shareholders:
Basic	$	0.42	$	0.38	$	0.73	$	0.66
Diluted	$	0.41	$	0.38	$	0.72	$	0.64

All options to purchase shares were included in the diluted earnings per share calculation for the three and six months ended June 30, 2011 as the average market price of the common shares was above the exercise prices. However, options to purchase 107,250 shares for the three and six months ended June 30, 2010 were excluded from the diluted earnings per share calculations for the period because the options’ exercise prices were greater than the average market price of the common shares during the period.

The restricted stock issued is included in basic and diluted shares for the earnings per share computation from the date of grant.