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

 

                 

For the Three Months Ended March 31,

   2012     2011  
(in thousands, except shares and per share data)            

Calculation of Basic Earnings Per Share:

                

Net Income

   $ 10,727     $ 13,747  

Weighted average shares outstanding

     9,571,270       9,535,381  
   

 

 

    

 

 

  

Basic Earnings Per Share

   $ 1.12     $ 1.44  
   

 

 

    

 

 

  

Calculation of Diluted Earnings Per Share:

                

Reconciliation of Numerator:

                

Net Income

   $ 10,727     $ 13,747  

Effect of 8.25% Convertible debentures

     14       16  
   

 

 

    

 

 

  

Adjusted numerator—Diluted

   $ 10,741     $ 13,763  
   

 

 

    

 

 

  

Reconciliation of Denominator:

                

Weighted shares outstanding—Basic

     9,571,270       9,535,381  

Effect of dilutive securities:

                

Share-based Compensation

     29,931       23,246  

8.25% Convertible debentures

     65,684       75,169  
   

 

 

    

 

 

  

Adjusted denominator—Diluted

     9,666,885       9,633,796  
   

 

 

    

 

 

  

Diluted Earnings Per Share

   $ 1.11     $ 1.43