Common Stock and Earnings per Share (Tables)

12 Months Ended

Dec. 31, 2014

Common Stock and Earnings per Share [Abstract]

Schedule of Common Stock Outstanding

The table below shows activity in the outstanding shares of the Company's common stock during 2014.

Table of Contents

	2014
Shares outstanding at January 1	11,521,480
Issuance of common stock:
Employee restricted stock grants	6,007
Employee SARs exercised	8,066
Directors' compensation	6,524
Shares repurchased	(39,502	)
Shares outstanding at December 31	11,502,575

Schedule of the Calculations of Basic and Diluted Earnings per Share

The calculations of basic and diluted earnings per share are as follows:

	December 31,
(In thousands except share and per share data)	2014		2013		2012
Basic
Net income	$	24,033	$	23,497	$	23,303
Weighted average common shares outstanding		11,479,025		11,441,158		11,378,216
Basic earnings per share	$	2.09	$	2.05	$	2.05
Diluted
Net income	$	24,033	$	23,497	$	23,303
Weighted average common shares outstanding		11,479,025		11,441,158		11,378,216
Effect of dilutive restricted stock and SARs		164,954		199,581		178,998
Weighted average common shares outstanding
assuming dilution		11,643,979		11,640,739		11,557,214
Diluted earnings per share	$	2.06	$	2.02	$	2.02