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Earnings Per Share
 12 Months Ended
Dec. 31, 2013
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. Diluted EPS is calculated as the more dilutive result of either the treasury method or the two-class method.

 

The calculation of basic and diluted EPS for the years ended December 31, 2013, 2012 and 2011 are presented below.

 

    For the Year Ended December 31,  
           2013                       2012                       2011           
    (In thousands, except earnings per share amounts)  

Basic EPS:

      

Net income, as reported

    $     43,637           $ 29,353           $ 24,181       

Less allocated income to participating securities

     142            22            14       
 

 

 

    

 

 

    

 

 

  

Net income available to common shareholders – basic

    $ 43,495           $ 29,331           $ 24,167       
 

 

 

    

 

 

    

 

 

  

Basic weighted-average common shares

     18,373            18,166            18,250       

Basic earnings per share

    $ 2.37           $ 1.62           $ 1.32       

Diluted EPS:

      

Net income available to common shareholders – diluted

    $ 43,495           $     29,331           $     24,167       
 

 

 

    

 

 

    

 

 

  

Diluted weighted average common shares:

      

Weighted average common shares

     18,373            18,166            18,250       

Stock options and performance shares

     376            409            443       
 

 

 

    

 

 

    

 

 

  

Diluted weighted average common shares

     18,749            18,575            18,693       

Diluted earnings per common share

    $ 2.32           $ 1.58           $ 1.29       

The table below sets forth the reconciliation of the weighted average shares used for the basic and diluted EPS calculation. Under the two-class method, unvested stock options, and out-of-money vested stock options are not considered to be participating securities.

 

    Years Ended  
  2013     2012     2011  

Basic weighted average common shares

     18,373,033          18,166,261          18,249,583     

Add: Other common shares eligible for common dividends:

      

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

     375,776          408,930          443,128     
 

 

 

    

 

 

    

 

 

  

Diluted weighted average common shares

         18,748,809              18,575,191              18,692,711