Earnings Per Common Share

12 Months Ended

Dec. 31, 2012

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

The calculations of basic and diluted earnings per common share for the years ended December 31 were as follows:  

(Dollars in thousands, except per common share data)	2012		2011		2010
Distributed earnings allocated to common shareholders	$	4,770	$	3,167	$	4,209
Undistributed earnings allocated to common shareholders	15,494		8,019		(683		)
Net earnings allocated to common shareholders	$	20,264	$	11,186	$	3,526
Weighted-average common shares outstanding	10,527,885		10,482,318		10,424,474
Effect of potentially dilutive common shares	401		—		7,516
Total weighted-average diluted common shares outstanding	10,528,286		10,482,318		10,431,990
Earnings per common share:
Basic	$	1.92	$	1.07	$	0.34
Diluted	$	1.92	$	1.07	$	0.34

As disclosed in Note 11, Peoples had a Warrant to purchase 313,505 common shares outstanding at December 31, 2011.  This Warrant was excluded from the calculation of diluted earnings per common share since it was anti-dilutive.   In addition, restricted shares, stock options and SARs covering 144,535, 210,370 and 243,560 common shares were excluded from the calculations for the years ended December 31, 2012, 2011 and 2010, respectively, since they were anti-dilutive.