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Earnings Per Share
 9 Months Ended
Sep. 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 September 30,
 
Nine months ended September 30,
2013
 
2012
 
2013
 
2012
Distributed earnings allocated to  common stock
$
5,767

 
$
5,150

 
$
17,302

 
$
15,451

Undistributed earnings allocated to common stock
8,081

 
5,373

 
17,349

 
12,375

Net earnings allocated to common shareholders
$
13,848

 
$
10,523

 
$
34,651

 
$
27,826

 
 
 
 
 
 
 
 
Average shares outstanding
15,608

 
14,751

 
15,545

 
14,700

Effect of dilutive securities:
 

 
 

 
 

 
 

Warrants outstanding
62

 
—

 
60

 
—

Employee stock awards
120

 
83

 
108

 
83

Shares for diluted earnings per share
15,790

 
14,834

 
15,713

 
14,783

 
 
 
 
 
 
 
 
Basic earnings per share
$
0.89

 
$
0.71

 
$
2.23

 
$
1.89

Diluted earnings per share
$
0.88

 
$
0.71

 
$
2.21

 
$
1.88



Options to purchase approximately 124,000 shares of common stock at an exercise price between $35.09 and $40.88 per share were outstanding during the third quarter of 2012 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.  During the third quarter of 2013, there were no anti-dilutive options outstanding.