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Earnings Per Common Share
6 Months Ended
Jun. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Common Share
Earnings Per Common Share
Earnings per common share are computed using the two-class method. Basic earnings per common share are computed by dividing net income allocated to common shares by the weighted average number of shares outstanding during the applicable period, excluding outstanding participating securities. Participating securities include unvested restricted shares. Unvested restricted shares are considered participating securities because holders of these securities receive non-forfeitable dividends at the same rate as holders of the Corporation’s common stock. Diluted earnings per share are computed by dividing net income allocated to common shares adjusted for reallocation of undistributed earnings of unvested restricted shares by the weighted average number of shares determined for the basic earnings per common share computation plus the dilutive effect of common stock equivalents using the treasury stock method.
For both the three and six month periods ending June 30, 2014 and 2013, there were no average anti-dilutive employee share-based awards.
 
 
For the Three Months Ended June 30,
 
For the Six Months Ended June 30,
 
 
2014
 
2013
 
2014
 
2013
 
 
(Dollars in Thousands, Except Per Share Data)
Basic earnings per common share
 
 
 
 
 
 
 
 
Net income
 
$
3,505

 
$
3,133

 
$
6,842

 
$
6,377

Less: earnings allocated to participating securities
 
75

 
75

 
147

 
152

Basic earnings allocated to common shareholders
 
$
3,430

 
$
3,058

 
$
6,695

 
$
6,225

 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding, excluding participating securities
 
3,860,087

 
3,825,069

 
3,859,795

 
3,824,563

 
 
 
 
 
 
 
 
 
Basic earnings per common share
 
$
0.89

 
$
0.80

 
$
1.73

 
$
1.63

 
 
 
 
 
 
 
 
 
Diluted earnings per common share
 
 
 
 
 
 
 
 
Earnings allocated to common shareholders
 
$
3,430

 
$
3,058

 
$
6,695

 
$
6,225

Reallocation of undistributed earnings
 

 
1

 

 

Diluted earnings allocated to common shareholders
 
$
3,430

 
$
3,059

 
$
6,695

 
$
6,225

 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding, excluding participating securities
 
3,860,087

 
3,825,069

 
3,859,795

 
3,824,563

Dilutive effect of share-based awards
 
23,268

 
11,414

 
22,203

 
9,180

Weighted-average diluted common shares outstanding, excluding participating securities
 
3,883,355

 
3,836,483

 
3,881,998

 
3,833,743

 
 
 
 
 
 
 
 
 
Diluted earnings per common share
 
$
0.88

 
$
0.80

 
$
1.72

 
$
1.62