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Note 6 - Earnings Per Common Share
 12 Months Ended
Dec. 31, 2011
Earnings Per Share [Text Block]
6.  Earnings Per Common Share

Basic and diluted earnings per common share were computed as follows:

(In thousands, except per share amounts)
 
2011
   
2010
   
2009
 
Numerator:
                 
Net income
  $ 24,285     $ 19,742     $ 16,267  
Denominator:
                       
Basic earnings per common share - weighted-average shares
    21,979       21,927       21,870  
Effect of dilutive stock options
    96       104       114  
Diluted earnings per common share - weighted-average shares and assumed conversions
    22,075       22,031       21,984  
Basic earnings per common share
  $ 1.10     $ 0.90     $ 0.74  
Diluted earnings per common share
  $ 1.10     $ 0.90     $ 0.74  

Options totaling 372,900, 351,000 and 418,100 shares were outstanding but were not included in the calculation of diluted earnings per share for 2011, 2010 and 2009, respectively, because including the options in the denominator would be antidilutive, or decrease the number of weighted-average shares, due to their exercise prices exceeding the average market price of the common shares or due to inclusion of average unrecognized compensation expense in the calculation. Performance-based option awards totaling 107,000 shares for each of 2010 and 2009 were also not included in the calculation of diluted earnings per share because the performance condition was not met.

Unvested performance unit awards (see Note 9) totaling 46,180 and 29,164 shares for 2011 and 2010, respectively, were considered outstanding but were not included in the calculation of diluted earnings per share because inclusion of average unrecognized compensation expense in the calculation would cause the performance units to be antidilutive.