Earnings Per Share

12 Months Ended

Dec. 31, 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):

	For the Year Ended December 31,
	2013		2012		2011
Distributed earnings allocated to  common stock	$	23,100	$	20,603	$	20,102
Undistributed earnings allocated to common stock	24,678		18,034		20,280
Net earnings allocated to common shareholders	$	47,778	$	38,637	$	40,382
Average shares outstanding	15,564		14,714		15,055
Effect of dilutive securities:
Warrant outstanding	60		—		—
Employee stock options	84		82		75
Shares for diluted earnings per share	15,708		14,796		15,130
Basic earnings per share	$	3.07	$	2.63	$	2.68
Diluted earnings per share	$	3.04	$	2.61	$	2.67

Options to purchase approximately 124,000 and 222,000 shares of common stock at an exercise price between $35.09 and $40.88, and $32.09 and $40.88 per share were outstanding during 2012, and 2011, 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. During the year ended December 31, 2013, there were no anti-dilutive options outstanding.