Earnings Per Share

9 Months Ended

Sep. 30, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Note 7 – Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in thousands except per share data)	2014		2013		2014		2013
Numerator:
Net income	$	10,924	$	12,653	$	33,259	$	36,415
Denominator:
Basic earnings per share:
Weighted average shares		17,326		17,154		17,317		17,123
Diluted earnings per share:
Effect of dilutive stock options and restricted stock grants		76		103		78		89
Adjusted weighted average shares		17,402		17,257		17,395		17,212
Earnings per share:
Basic earnings per share	$	0.63	$	0.74	$	1.92	$	2.13
Diluted earnings per share		0.63		0.73		1.91		2.12

Options to purchase 63,270 common shares at a weighted average price of $35.41 were excluded from the diluted calculations above for the three months ended September 30, 2014, because the exercise prices on the options were greater than the average market price for the period.  There were no options to purchase common shares that were excluded from the diluted calculations above for the nine months ended September 30, 2014.  In addition to in-the-money stock options, unvested restricted stock grants were also used in the calculation of diluted earnings per share based on the treasury method.  There were no options to purchase common shares that were excluded from the diluted calculations above for the three months ended September 30, 2013, but options to purchase 91,071 common shares at a weighted average price of $35.41 were excluded for the nine months ended September 30, 2013.