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Earnings Per Share
 12 Months Ended
Dec. 31, 2012
Earnings Per Share [Abstract]  
Earnings Per Share
14. Earnings Per Share

Diluted earnings per share includes common shares assumed issued under the “treasury stock method,” which reflects the potential dilution that would occur if any outstanding options are exercised. Diluted earnings per share also includes the “if converted” method for participating securities if the result is dilutive. The two-class method of calculating diluted earnings per share is used whether the “if converted” result is dilutive or anti-dilutive.

The calculation of basic and diluted EPS for the years ended December 31, 2012, 2011 and 2010 are presented below.

 

                         
    For the Year Ended December 31,  
  2012     2011     2010  
          (As Adjusted)     (As Adjusted)  
    (In thousands, except earnings
per share amounts)		  

Basic EPS:

                        

Net income available to common shareholders

   $ 29,353     $ 24,181     $ 34,520  
   

 

 

    

 

 

    

 

 

  

Weighted-average common shares outstanding

     18,166       18,250       18,637  
   

 

 

    

 

 

    

 

 

  

Basic earnings per share

   $ 1.62     $ 1.32     $ 1.85  
   

 

 

    

 

 

    

 

 

  

Diluted EPS:

                        

Income allocable to common shareholders

   $ 29,353     $ 24,181     $ 34,520  
   

 

 

    

 

 

    

 

 

  

Weighted average common shares outstanding

     18,166       18,250       18,637  

Diluted effect:

                        

Stock options

     391       440       449  

Restricted stock

     12       11       9  

Long-term incentive awards

     6       —          —     
   

 

 

    

 

 

    

 

 

  

Weighted average diluted shares outstanding

     18,575       18,701       19,095  
   

 

 

    

 

 

    

 

 

  

Diluted earnings per share

   $ 1.58     $ 1.29     $ 1.81  
   

 

 

    

 

 

    

 

 

  

The table below sets forth the calculation of the percentage of net income allocable to common shareholders, or the “portion allocable to common shareholders.” Under the two-class method, unvested stock options, and out-of-money vested stock options are not considered to be participating securities.

 

                         
    Years Ended  
  2012     2011     2010  

Numerator:

                        

Basic weighted average common shares

     18,166,175       18,250,173       18,637,167  

Add: Other common shares eligible for common dividends:

                        

Weighted average restricted shares and stock options (including tax benefit component)

     408,958       450,809       458,153  
   

 

 

    

 

 

    

 

 

  

Weighted average participating common shares

     18,575,133       18,700,982       19,095,320  
   

 

 

    

 

 

    

 

 

  

Denominator:

                        

Weighted average participating shares

     18,575,133       18,700,982       19,095,320