EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

EARNINGS PER SHARE

10. 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 71,891 shares were anti-dilutive for the three months ended March 31, 2016 and stock options for 74,083 shares were anti-dilutive for the three months ended March 31, 2015.  

	For the Three Months Ended March 31,
	2016			2015
	(Dollars in thousands, except per share data)
Net income per consolidated statements of income	$	3,320		$	3,686
Net income allocated to participating securities		(22	)		(21	)
Net income allocated to common stock	$	3,298		$	3,665
Basic earnings per common share computation:
Distributed earnings allocated to common stock	$	1,188		$	493
Undistributed earnings allocated to common stock		2,110			3,172
Net income allocated to common stock	$	3,298		$	3,665
Weighted average common shares outstanding, including shares    considered participating securities		47,587			49,291
Less: Average participating securities		(315	)		(269	)
Weighted average shares		47,272			49,022
Basic earnings per common share	$	0.07		$	0.07
Diluted earnings per common share computation:
Net income allocated to common stock	$	3,298		$	3,665
Weighted average common shares outstanding for basic    earnings per common share		47,272			49,022
Add: Dilutive effects of assumed exercises of stock options		279			273
Weighted average shares and dilutive potential common shares		47,551			49,295
Diluted earnings per common share	$	0.07		$	0.07