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Earnings Per Common Share
 6 Months Ended
Jun. 30, 2012
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 June 30, 2012  
     Income
(Numerator)		      Shares
(Denominator)		      Per-share Amount  

Net income

    $ 11,320,000         
  

 

 

        

Basic earnings per common share

    $ 11,320,000         67,296,000       $ .17   

Effect of dilutive securities:

         

Options

         932,000         —     
  

 

 

     

 

 

     

 

 

  

Diluted earnings per common share

    $ 11,320,000         68,228,000       $ .17   
  

 

 

     

 

 

     

 

 

  
     Three months ended June 30, 2011  
     Income
(Numerator)		      Shares
(Denominator)		      Per-share Amount  

Net income

    $ 9,828,000         
  

 

 

        

Basic earnings per common share

    $ 9,828,000         66,517,000       $ .15   

Effect of dilutive securities:

         

Options

         1,028,000         —     
  

 

 

     

 

 

     

 

 

  

Diluted earnings per common share

    $ 9,828,000         67,545,000       $ .15   
  

 

 

     

 

 

     

 

 

  
     Six Months ended June 30, 2012  
     Income
(Numerator)		      Shares
(Denominator)		      Per-share Amount  

Net income

    $ 19,899,000         
  

 

 

        

Basic earnings per common share

    $ 19,899,000         67,189,000       $ .30   

Effect of dilutive securities:

         

Options

         966,000         (.01 ) 
  

 

 

     

 

 

     

 

 

  

Diluted earnings per common share

    $ 19,899,000         68,155,000       $ .29   
  

 

 

     

 

 

     

 

 

  
     Six Months ended June 30, 2011  
     Income
(Numerator)		      Shares
(Denominator)		      Per-share Amount  

Net income

    $ 17,595,000         
  

 

 

        

Basic earnings per common share

    $ 17,595,000         66,459,000       $ .26   

Effect of dilutive securities:

         

Options

         1,040,000         —     
  

 

 

     

 

 

     

 

 

  

Diluted earnings per common share

    $ 17,595,000         67,499,000       $ .26   
  

 

 

     

 

 

     

 

 

  

Options to purchase 596,000 and 585,000 shares of common stock having an average exercise price of $17.50 per common share were outstanding during the three and six month period ended June 30, 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 508,000 and 494,000 shares of common stock having an average exercise price of approximately $16.11 per common share were outstanding during the three and six month periods ended June 30, 2011 but not included in the computation of diluted earnings per common share because the exercise price of those options were greater than the average market price of the common shares, and therefore, would be anti-dilutive.