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

Note 6 – Earnings Per Common Share

A reconciliation of the numerator and denominator of basic and diluted earnings per common share is as follows:

 

     Three months ended March 31, 2012  
     Income
(Numerator)		      Shares
(Denominator)		      Per-share
Amount		  

Net income

    $ 8,578,000         
  

 

 

        

Basic earnings per common share

    $ 8,578,000         67,084,000       $ .13   

Effect of dilutive securities

         

Options

         1,001,000         —     
  

 

 

     

 

 

     

 

 

  

Diluted earnings per common share

    $ 8,578,000         68,085,000       $ .13   
  

 

 

     

 

 

     

 

 

  
     Three months ended March 31, 2011  
     Income
(Numerator)		      Shares
(Denominator)		      Per-share
Amount		  

Net income

    $ 7,767,000         
  

 

 

        

Basic earnings per common share

    $ 7,767,000         66,401,000       $ .12   

Effect of dilutive securities

         

Options

         1,053,000         —     
  

 

 

     

 

 

     

 

 

  

Diluted earnings per common share

    $ 7,767,000         67,454,000       $ .12   
  

 

 

     

 

 

     

 

 

  

Options to purchase 574,000 shares of common stock having an average exercise price of $17.50 per common share were outstanding during the three month period ended March 31, 2012 but not included in the computation of diluted earnings per common share because the options' exercise prices were greater than the average market price of the common shares, and therefore, would be antidilutive.

Options to purchase 480,000 shares of common stock having an average exercise price of $16.11 per common share were outstanding during the three month period ended March 31, 2011 but not included in the computation of diluted earnings per common share because the options' exercise prices were greater than the average market price of the common shares, and therefore, would be antidilutive.