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 share	15,380,053		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 grants		35,429		-		21,923		-
Weighted average common and common equivalent shares
	outstanding used to calculate diluted earnings per share	15,421,300		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 andsixmonths ended June 30,2013.