EARNINGS PER SHARE DATA

9 Months Ended

Sep. 30, 2011

NOTE 7. EARNINGS PER SHARE DATA

The following table sets forth the computation of basic and diluted earnings per share for the periods indicated.

	Three Months Ended September 30		Nine Months Ended September 30
	2011	2010	2011	2010
Basic:
Weighted average shares outstanding	14,315,074	14,022,657	14,307,192	13,709,961
Net income	$ 8,274,000	$ 5,345,000	$ 22,227,000	$13,521,000
Convertible preferred stock dividend	(23,000)	(23,000)	(68,000)	(68,000)
Net income attributable to common shareholders	$ 8,251,000	$ 5,322,000	$ 22,159,000	$ 13,453,000
Per share amount	$ 0.58	$ 0.38	$ 1.55	$ 0.98

Diluted:
Weighted average shares outstanding	14,315,074	14,022,657	14,307,192	13,709,961
Net effect of dilutive stock options – based on the treasury stock method	-	-	-	9,625
Assumed conversion of convertible notes	-	193,420	-	204,341
Assumed conversion of convertible preferred stock	840,000	840,000	840,000	840,000
Total	15,155,074	15,056,077	15,147,192	14,763,927
Net income attributable to common shareholders	$ 8,251,000	$ 5,322,000	$ 22,159,000	$ 13,453,000
Interest on convertible notes, after income taxes	-	47,000	-	142,000
Convertible preferred stock dividend	23,000	23,000	68,000	68,000
Net income for diluted earnings per share	$ 8,274,000	$ 5,392,000	$ 22,227,000	$ 13,663,000
Per share amount	$ 0.55	$ 0.36	$ 1.47	$ 0.93