EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

EARNINGS PER SHARE

11. EARNINGS PER SHARE

The Company has granted stock compensation awards with nonforfeitable dividend rights which are considered participating securities. As such, earnings per share is computed using the two-class method as required by ASC 206-10-45. Basic earnings per common share is computed by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding during the period which excludes the participating securities. Diluted earnings per common share includes the dilutive effect of additional potential common shares from stock compensation awards, but also excludes awards considered participating securities. Stock options for 74,083 shares were anti-dilutive for the three months ended March 31, 2015 and stock options for 407,297 shares were anti-dilutive for the three months ended March 31, 2014.  

	For the Three Months Ended March 31,
	2015			2014
	(Dollars in thousands, except per share data)
Net income per consolidated statements of income	$	3,686		$	2,094
Net income allocated to participating securities		(21	)		(9	)
Net income allocated to common stock	$	3,665		$	2,085
Basic earnings per common share computation:
Distributed earnings allocated to common stock	$	493		$	—
Undistributed earnings allocated to common stock		3,172			2,085
Net income allocated to common stock	$	3,665		$	2,085
Weighted average common shares outstanding, including shares considered participating securities		49,291			50,407
Less: Average participating securities		(269	)		(211	)
Weighted average shares		49,022			50,196
Basic earnings per common share	$	0.07		$	0.04
Diluted earnings per common share computation:
Net income allocated to common stock	$	3,665		$	2,085
Weighted average common shares outstanding for basic earnings per common share		49,022			50,196
Add: Dilutive effects of assumed exercises of stock options		273			254
Weighted average shares and dilutive potential common shares		49,295			50,450
Diluted earnings per common share	$	0.07		$	0.04