EARNINGS PER SHARE

9 Months Ended

Sep. 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 September 30, 2014, and approximately 0.2 million weighted-average anti-dilutive stock options outstanding for the nine months ended September 30, 2014, compared to approximately 0.3 million weighted-average anti-dilutive stock options outstanding for the three months ended September 30, 2013, and approximately 0.5 million weighted-average anti-dilutive stock options outstanding for the nine months ended September 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 nine months ended September 30, 2014 and 2013:

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
(000's omitted, except per share data)	2014	2013	2014	2013
Net income	$22,371	$21,989	$68,220	$63,352
Income attributable to unvested stock-based compensation awards	(115)	(121)	(337)	(315)
Income available to common shareholders	22,256	21,868	67,883	63,037
Weighted-average common shares outstanding – basic	40,596	40,121	40,543	39,914
Basic earnings per share	$0.55	$0.55	$1.67	$1.58
Net income	$22,371	$21,989	$68,220	$63,352
Income attributable to unvested stock-based compensation awards	(115)	(121)	(337)	(315)
Income available to common shareholders	22,256	21,868	67,883	63,037
Weighted-average common shares outstanding – basic	40,596	40,121	40,543	39,914
Assumed exercise of stock options	453	506	482	474
Weighted-average common shares outstanding – diluted	41,049	40,627	41,025	40,388
Diluted earnings per share	$0.54	$0.54	$1.65	$1.56

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 nine months of 2014.