XML 41 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Earnings per Weighted Average Common Share
 6 Months Ended
Jun. 30, 2013
Earnings Per Share  
Earnings per Weighted Average Common Share

3. Earnings per Weighted Average Common Share

 

       Basic earnings per weighted average common share (“EPS”) is calculated by dividing net income by the weighted average number of basic common shares outstanding during the period including unvested restricted shares which are considered participating securities. Diluted earnings per share amounts are based on the weighted average number of common shares including unvested restricted shares and the net effect of potentially dilutive common shares outstanding.

       

       The following table sets forth the computation of basic and diluted EPS for the periods indicated.

 

 

    Three Months Ended June 30, Six Months Ended June 30, 
    2013 2012 2013 2012 
Net income available to common shareholders             
 for basic and diluted earnings per share$18,059 $16,956 $32,043 $34,165 
                
Weighted average common and common equivalent shares             
 outstanding used to calculate basic earnings per share15,380,053 15,302,801 15,359,983 15,260,080 
Common equivalent shares- stock options 5,818  6,211  7,330  7,354 
Common equivalent shares- non-vested stock grants35,429  - 21,923  - 
Weighted average common and common equivalent shares             
 outstanding used to calculate diluted earnings per share15,421,300 15,309,012 15,389,236 15,267,434 
                
 Basic earnings per share$ 1.17 $1.11 $2.09 $2.24 
 Diluted earnings per share$ 1.17 $1.11 $2.08 $2.24 

       Diluted EPS excludes stock options with exercise prices and exercise tax benefits greater than the average market price of the Company's common stock during the period because their inclusion would be anti-dilutive. There were no anti-dilutive stock options for both the three and six months ended June 30, 2013.