Earnings Per Share

12 Months Ended

Dec. 31, 2014

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,
	2014		2013		2012
Distributed earnings allocated to  common stock	$	23,984	$	23,100	$	20,603
Undistributed earnings allocated to common stock	28,416		24,678		18,034
Net earnings allocated to common shareholders	$	52,400	$	47,778	$	38,637
Average shares outstanding	15,403		15,564		14,714
Effect of dilutive securities:
Warrant outstanding	62		60		—
Employee stock options	23		84		82
Shares for diluted earnings per share	15,488		15,708		14,796
Basic earnings per share	$	3.40	$	3.07	$	2.63
Diluted earnings per share	$	3.38	$	3.04	$	2.61

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 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 year ended December 31, 2014 and December 31, 2013, there were no anti-dilutive options outstanding.