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Earnings Per Share
 3 Months Ended
Mar. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share

Note L – Earnings per Share

The following table sets forth the computation of basic and diluted earnings per share:

 

 

 

 

 

 

For the Three Months Ended March 31,

(In thousands, except per share data)

 

2013

 

2012

 

 

 

 

 

Distributed earnings allocated to  common stock

$
5,748 

$
5,118 

Undistributed earnings allocated to common stock

 
2,175 

 
4,837 

Net earnings allocated to common shareholders

$
7,923 

$
9,955 

 

 

 

 

 

Average shares outstanding

 
15,473 

 
14,679 

 

 

 

 

 

Effect of dilutive securities:

 

 

 

 

    Warrants outstanding

 
55 

 

 -

    Employee stock options

 
99 

 
80 

 

 

 

 

 

Shares for diluted earnings per share

 
15,627 

 
14,759 

 

 

 

 

 

Basic earnings per share

$
0.51 

$
0.68 

Diluted earnings per share

$
0.51 

$
0.67 

 

 

Options to purchase approximately  10,000  and 109,400 shares of common stock at an exercise price of $40.88 and between $35.39 and $40.88 per share were outstanding during the first quarter of 2013 and the first quarter of 2012, respectively, but were not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares and therefore, the effect would have been anti-dilutive.