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Earnings Per Share
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE T – Earnings Per Share

 

The calculation of basic and diluted earnings per share is as follows (Amounts in thousands except share data):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

 

2013

 

2012

 

2011

 

Numerator

 

 

 

 

 

 

 

 

 

 

    Net Income

 

$
18,157 

 

$
21,962 

 

$
31,549 

 

    Preferred Stock Dividends

 

 
3,226 

 

 

 -

 

 

 -

 

    Net Income Available to Common Stockholders

 

$
14,931 

 

$
21,962 

 

$
31,549 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

    Weighted Average Shares of Common Stock

 

 

 

 

 

 

 

 

 

 

    Outstanding:

 

 

 

 

 

 

 

 

 

 

         Basic

 

 
7,237,472 

 

 
7,195,606 

 

 
7,131,820 

 

         Plus:

 

 

 

 

 

 

 

 

 

 

              Effect of dilutive restrictive stock

 

 
45,204 

*

 
17,682 

 

 
44,827 

 

         Diluted

 

 
7,282,676 

 

 
7,213,288 

 

 
7,176,647 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Common Share:

 

 

 

 

 

 

 

 

 

 

    Net Income per share - Basic

 

$
2.06 

 

$
3.05 

 

$
4.42 

 

 

 

 

 

 

 

 

 

 

 

 

    Net Income per share - Diluted:

 

$
2.05 

 

$
3.04 

 

$
4.40 

 

 

 

 

 

 

 

 

 

 

 

 

 

*There are 45,204 incremental shares not included due to the fact it would be anti-dilutive to include these shares for the twelve months ended December 31, 2013.