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Earnings Per Share
 6 Months Ended
Jun. 30, 2013
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings per Share
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):
 
 
Three months ended June 30,
 
Six months ended June 30,
2013
 
2012
 
2013
 
2012
Distributed earnings allocated to  common stock
$
5,751

 
$
5,146

 
$
11,502

 
$
10,291

Undistributed earnings allocated to common stock
7,139

 
2,208

 
9,303

 
7,011

Net earnings allocated to common shareholders
$
12,890

 
$
7,354

 
$
20,805

 
$
17,302

 
 
 
 
 
 
 
 
Average shares outstanding
15,582

 
14,680

 
15,521

 
14,676

Effect of dilutive securities:
 

 
 

 
 

 
 

Warrants outstanding
62

 
—

 
59

 
—

Employee stock options
108

 
79

 
107

 
84

Shares for diluted earnings per share
15,752

 
14,759

 
15,687

 
14,760

 
 
 
 
 
 
 
 
Basic earnings per share
$
0.83

 
$
0.50

 
$
1.34

 
$
1.18

Diluted earnings per share
$
0.82

 
$
0.50

 
$
1.33

 
$
1.17



Options to purchase approximately 57,500 and 208,900 shares of common stock at an exercise price between $39.34 and $40.88 and between $32.93 and $40.88 per share were outstanding during the second quarter of 2013 and the second 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.