Earnings Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Note 3. Earnings Per Share

The Company computes earnings per share (EPS) in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share. Additionally, for periods after December 31, 2012, the Company applied the “two-class method” in computing basic and diluted earnings per share. ASC Topic 260 clarifies that unvested share-based payment awards with a right to receive nonforfeitable dividends are participating securities.

The two-class method allocates net income available to common shareholders and participating securities to the extent that each security shares in earnings as if all earnings for the period had been distributed. The amount of earnings allocable to common shareholders is divided by the weighted-average number of common shares outstanding for the period. Participating securities that are convertible into common stock are included in the computation of basic earnings per share if the effect is dilutive.

Diluted EPS include potential common shares assumed issued under the treasury stock method, which reflects the potential dilution that would occur if any outstanding options or warrants were exercised or restricted stock becomes vested, and includes the “if converted” method for participating securities if the effect is dilutive. The two-class method of calculating diluted EPS is used in the event the “if converted” method is anti-dilutive.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
	(in thousands, except share and per share amounts)
Basic EPS:
Net income, as reported	$	9,699	$	7,121	$	26,194	$	20,127
Less allocated income to unvested shares		27		6		74		12
Net income available to common shareholders—basic	$	9,672	$	7,115	$	26,120	$	20,115
Basic weighted average common shares		18,395,971		18,173,062		18,343,901		18,154,768
Basic earnings per common share	$	0.53	$	0.39	$	1.42	$	1.11
Diluted EPS:
Net income available to common shareholders—diluted	$	9,673	$	7,116	$	26,122	$	20,116
Diluted weighted average common shares:
Weighted average common shares		18,395,971		18,173,062		18,343,901		18,154,768
Stock options and performance shares		362,375		407,021		386,828		428,311
Diluted weighted average common shares		18,758,346		18,580,083		18,730,729		18,583,079
Diluted earnings per common share	$	0.52	$	0.38	$	1.39	$	1.08