EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2014

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE I:  EARNINGS PER SHARE

Basic earnings per share are computed based on the weighted-average of the common shares outstanding for the period.  Diluted earnings per share are based on the weighted-average of the shares outstanding adjusted for the dilutive effect of restricted stock and the assumed exercise of stock options during the year.  The dilutive effect of options is calculated using the treasury stock method of accounting.  The treasury stock method determines the number of common shares that would be outstanding if all the dilutive options (those where the average market price is greater than the exercise price) were exercised and the proceeds were used to repurchase common shares in the open market at the average market price for the applicable time period.  There were approximately 0.3 million weighted-average anti-dilutive stock options outstanding for the three months ended June 30, 2014, and approximately 0.2 million weighted-average anti-dilutive stock options outstanding for the six months ended June 30, 2014, compared to approximately 0.7 million weighted-average anti-dilutive stock options outstanding for the three and six months ended June 30, 2013 that were not included in the computation below.

The following is a reconciliation of basic to diluted earnings per share for the three and six months ended June 30, 2014 and 2013.

	Three Months Ended		Six Months Ended
	June 30,		June 30,
(000's omitted, except per share data)	2014	2013	2014	2013
Net income	$23,676	$21,122	$45,850	$41,363
Income attributable to unvested stock-based compensation awards	(123)	(114)	(221)	(189)
Income available to common shareholders	$23,553	$21,008	$45,629	$41,174
Weighted-average common shares outstanding – basic	40,574	39,914	40,517	39,809
Basic earnings per share	$0.58	$0.53	$1.13	$1.03
Net income	$23,676	$21,122	$45,850	$41,363
Income attributable to unvested stock-based compensation awards	(123)	(114)	(221)	(189)
Income available to common shareholders	$23,553	$21,008	$45,629	$41,174
Weighted-average common shares outstanding – basic	40,574	39,914	40,517	39,809
Assumed exercise of stock options	484	427	497	445
Weighted-average common shares outstanding – diluted	41,058	40,341	41,014	40,254
Diluted earnings per share	$0.57	$0.52	$1.11	$1.02

Stock Repurchase Program

At its December 2013 meeting, the Company’s Board of Directors (the “Board”) approved a new repurchase program authorizing the repurchase of up to 2,000,000 shares of the Company’s common stock, in accordance with securities laws and regulations, through December 31, 2014.  Any repurchased shares will be used for general corporate purposes, including those related to stock plan activities.  The timing and extent of repurchases will depend on market conditions and other corporate considerations as determined at the Company’s discretion.  There were no open market treasury stock purchases in 2013 or the first six months of 2014.