XML 52 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 6 - Earnings Per Common Share
 12 Months Ended
Dec. 31, 2012
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)
 
2012
   
2011
   
2010
 
Numerator:
                 
Net income
  $ 27,267     $ 24,285     $ 19,742  
Denominator:
                       
Basic earnings per common share - weighted-average shares
    22,064       21,979       21,927  
Effect of dilutive stock options
    86       96       104  
Diluted earnings per common share - weighted-average shares and assumed conversions
    22,150       22,075       22,031  
Basic earnings per common share
  $ 1.24     $ 1.10     $ 0.90  
Diluted earnings per common share
  $ 1.23     $ 1.10     $ 0.90  

Options totaling 465,150, 372,900 and 351,000 shares were outstanding but were not included in the calculation of diluted earnings per share for 2012, 2011 and 2010, 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 in 2010 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 43,600, 46,180 and 29,164 shares for 2012, 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.