Note 19 - Earnings Per Common Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Text Block]

NOTE 19.

EARNINGS PER COMMON SHARE

Earnings per common share is computed using the two-class method. Basic earnings per common share is computed by dividing net earnings allocated to common shares by the weighted-average number of common shares outstanding during the applicable period, excluding participating secu­rities. Participating securities include non-vested share awards such as awards of restricted common shares. Non-vested share awards are considered participating securities because holders of these securities receive non-forfeitable dividends at the same rate as holders of the Company’s common shares. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock option compensation using the treasury stock method.

The following table presents the calculation of net earnings allocated to common shares and a reconciliation of the number of shares used in the calculation of basic and diluted earnings per common share:

	2012		2011		2010
Distributed earnings allocated to common shares	$	11,094	$	11,055	$	8,851
Undistributed earnings allocated to common shares		8,853		4,399		(4,429	)
Net earnings allocated to common shares	$	19,947	$	15,454	$	4,422
Weighted average common shares outstanding		30,828,293		30,038,047		24,492,279
Add dilutive effect of:
Stock options		—		—		2,765
Adjusted for assumed diluted computation		30,828,293		30,038,047		24,495,044

Options issued with exercise prices greater than the average market price of the common shares for each of the years ended December 31, 2012, 2011 and 2010 have not been included in computation of diluted earnings per share for those respective years. As of December 31, 2012, 87,500 options to purchase shares at $17.99 were not included; as of December 31, 2011, 310,460 options to purchase shares between $14.60 and $17.99 were not included; as of December 31, 2010, 422,747 options to purchase shares between $10.61 and $26.94 were not included.