Earnings Per Share

12 Months Ended

Dec. 31, 2013

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Earnings Per Share

EARNINGS PER SHARE

Basic earnings per share are computed by dividing income available for common stockholders by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share are computed by dividing income available for common stockholders by the weighted average number of shares of common stock outstanding during the period adjusted for the exercise and/or conversion of all potentially dilutive securities, such as convertible debt and share-based compensation. The calculations of both basic and diluted earnings per share are presented in the following table.

	For the Year Ended December 31,
	2013		2012		2011
(in thousands, except shares and per share data)
Calculation of Basic Earnings Per Share:
Net Income	$	32,787	$	28,863	$	27,622
Weighted average shares outstanding	9,620,641		9,586,144		9,555,799
Basic Earnings Per Share	$	3.41	$	3.01	$	2.89
Calculation of Diluted Earnings Per Share:
Reconciliation of Numerator:
Net Income	$	32,787	$	28,863	$	27,622
Effect of 8.25% Convertible debentures	43		53		61
Adjusted numerator — Diluted	$	32,830	$	28,916	$	27,683
Reconciliation of Denominator:
Weighted shares outstanding — Basic	9,620,641		9,586,144		9,555,799
Effect of dilutive securities:
Share-based Compensation	25,244		23,499		23,792
8.25% Convertible debentures	49,745		61,864		71,467
Adjusted denominator — Diluted	9,695,630		9,671,507		9,651,058
Diluted Earnings Per Share	$	3.39	$	2.99	$	2.87