Earnings Per Common Share

6 Months Ended

Jun. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Common Share

NOTE 2. EARNINGS PER COMMON SHARE

Earnings per common share are calculated as follows:

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
(unaudited, in thousands, except shares and per share amounts)	2014		2013		2014		2013
Numerator for both basic and diluted earnings per common share:
Net income	$	18,875	$	17,017	$	35,296	$	33,037
Denominator:
Total average basic common shares outstanding		29,242,180		29,245,201		29,212,347		29,228,355
Effect of dilutive stock options and warrant		79,747		63,605		81,077		59,663
Total diluted average common shares outstanding		29,321,927		29,308,806		29,293,424		29,288,018
Earnings per common share - basic	$	0.65	$	0.58	$	1.21	$	1.13
Earnings per common share - diluted	$	0.64	$	0.58	$	1.20	$	1.13

Stock options representing shares of 179,335 for the three months ended June 30, 2013, and shares of 180,969 for the six months ended June 30, 2013, were not included in the computation of diluted earnings per share, because to do so would have been anti-dilutive. For the three and six months ended June 30, 2014, all outstanding options were dilutive.