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Earnings Per Share
 3 Months Ended
Mar. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
 
Earnings per common share is computed using the two-class method. Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the applicable period, excluding outstanding participating securities. Participating securities include non-vested restricted stock awards. Non-vested restricted stock awards are considered participating securities to the extent the holders of these securities receive non-forfeitable dividends at the same rate as holders of common stock. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method. Stock options, where the exercise price was greater than the average market price of the common shares, were excluded from the computation of diluted earnings per common share because the result would have been antidilutive. There were no stock options outstanding as of March 31, 2014 and 2013.
 
The following table presents a reconciliation of the number of shares used in the calculation of basic and diluted earnings per common share for the three months ended March 31, 2014 and 2013. 
 
 
Three Months Ended 
 March 31,
(Dollars in thousands - except per share amounts)
 
2014
 
2013
Distributed earnings allocated to common stock
 
$
4,135

 
$
4,143

Undistributed earnings allocated to common stock
 
9,311

 
8,101

Net earnings allocated to common stock
 
13,446

 
12,244

Net earnings allocated to participating securities
 
186

 
160

Net income allocated to common stock and participating securities
 
$
13,632

 
$
12,404

 
 
 
 
 
Weighted average shares outstanding for basic earnings per common share
 
24,317,446

 
24,321,985

Dilutive effect of stock compensation
 
—

 
2,343

Weighted average shares outstanding for diluted earnings per common share
 
24,317,446

 
24,324,328

 
 
 
 
 
Basic earnings per common share
 
$
0.55

 
$
0.50

Diluted earnings per common share
 
$
0.55

 
$
0.50