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Earnings Per Share
 12 Months Ended
Dec. 31, 2011
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]

Note 9
Common Stock and Earnings per Share

The table below shows activity in the outstanding shares of the Company’s common stock during 2011.

2011
Shares outstanding at January 1 9,387,791
10% stock dividend issued December 15, 2011 940,839
Issuance of common stock:
       Issued under stock-based compensation plan 21,195
       Stock options/SARs exercised 8,105
Shares outstanding at December 31 10,357,930
 

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net income, adjusted for the net income effect of the interest expense on the outstanding convertible debentures, by the sum of the weighted average number of common shares outstanding and the weighted average number of potential common shares outstanding. Under the treasury stock method, outstanding stock options and SARs are dilutive when the average market price of the Company’s common stock, combined with the effect of any unamortized compensation expense, exceeds the option price during a period. In addition, proceeds from the assumed exercise of dilutive options along with the related tax benefit are assumed to be used to repurchase common shares at the average market price of such stock during the period. Anti-dilutive shares are those option shares with exercise prices in excess of the current market value.

The calculations of basic and diluted earnings per share are as follows:
 
December 31,
(In thousands except share and per share data) 2011 2010 2009
Basic
       Net income $ 23,009 $ 20,310   $ 16,129
       Weighted-average common shares outstanding 10,297,244 10,268,812   10,072,340
              Basic earnings per share       $      2.23       $      1.98       $      1.60
Diluted
       Basic net income $ 23,009 $ 20,310 $ 16,129
       Net income effect of 5.33% convertible
              debentures — — 55
       Diluted net income $ 23,009 $ 20,310 $ 16,184
       Weighted-average common shares outstanding   10,297,244 10,268,812 10,072,340
       Effect of dilutive restricted stock, stock
              options and SARs   135,138 123,521 136,862
       Effect of convertible debentures — —   102,274
       Weighted-average common shares outstanding    
              assuming dilution 10,432,382 10,392,333 10,311,476
                     Diluted earnings per share       $      2.21       $      1.95       $      1.57
 

All share and per share data have been restated to give effect to the 10% stock dividend issued on December 15, 2011.