Earnings Per Share

3 Months Ended

Mar. 31, 2015

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 March 31,
	2015		2014
Distributed earnings allocated to common stock	$	6,315	$	6,224
Undistributed earnings allocated to common stock	11,468		7,438
Net earnings allocated to common shareholders	$	17,783	$	13,662
Average shares outstanding	15,067		15,631
Effect of dilutive securities:
Warrant outstanding	62		62
Employee stock awards	20		103
Shares for diluted earnings per share	15,149		15,796
Basic earnings per share	$	1.18	$	0.87
Diluted earnings per share	$	1.17	$	0.86

During the first quarter of 2015 and first quarter of 2014, there were no anti-dilutive options outstanding.