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Earnings Per Share
 3 Months Ended
Mar. 31, 2012
Earnings Per Share [Abstract]  
Earnings Per Share

4 – Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

 

                 
    Three Months Ended  
    March 31, 2012     March 31, 2011  

Numerator -

                

Numerator for basic and diluted earnings per share-
Net income available to common shareholders

   $ 15,906,000     $ 7,267,000  

Denominator-

                

Denominator for basic earnings per share, weighted average shares outstanding

     38,387,044       37,621,287  

Effect of dilutive securities-

                

Employee and Director stock options and restricted share awards

     1,219,460       1,193,404  
   

 

 

    

 

 

  

Denominator for diluted earnings per share, adjusted weighted average shares and assumed conversions

     39,606,504       38,814,691  
   

 

 

    

 

 

  

Basic earnings per common share

   $ .41     $ .19  
   

 

 

    

 

 

  

Diluted earnings per common share and common share equivalents

   $ .40     $ .19  
   

 

 

    

 

 

  

 

Options to purchase shares of common stock that were outstanding for the three months ended March 31, 2012 and 2011 that were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive are as follows:

 

                 
    March 31, 2012     March 31, 2011  

Options

     1,113,805       498,600  
   

 

 

    

 

 

  

Total anti-dilutive securities

     1,113,805       498,600