Shares of jeans maker True Religion rose as high as 16 percent in mid-morning trading after the company reported higher than expected fourth-quarter earnings.

The Vernon apparel company reported net earnings of $14.6 million, or 59 cents per share, during the last quarter of 2009. That’s an increase of 15 percent from $12.7 million, or 53 cents a share, in the last quarter of 2008. The fourth quarter earnings were also above analysts’ expectations of 55 cents a share.

Chairman Jeff Lubell cited the company’s new fashion line and licensed merchandise as the reasons for the good performance. He also mentioned the company’s shift to opening its own stores, as opposed to selling through department stores. The company announced plans to open 28 stores in 2010; it now has 70.

“The growth of our U.S. consumer direct platform as well as the ongoing development of the True Religion brand in international markets provided incremental sales and earnings over the past year and should continue to offer our company future growth opportunities,” Lubell said in a statement.

Shares of True Religion traded as high as $24.10, a jump of $3.32 or 16 percent, on the Nasdaq Stock Exchange in mid-morning trading Thursday.