| Computation of Basic and Diluted Earnings Per Share |
The computation of basic
and diluted earnings per share is shown below (in thousands except
share and per share data):
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Three months
ended |
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Six
months ended |
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June 30, |
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June 30, |
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2014 |
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2013 |
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2014 |
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2013 |
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Basic earnings per
common share computation:
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Net income per consolidated
statements of income
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$ |
5,617 |
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$ |
2,951 |
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$ |
10,783 |
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$ |
7,248 |
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Net earnings allocated to
participating securities
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(25 |
) |
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(15 |
) |
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(46 |
) |
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(34 |
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Net earnings allocated to
common stock
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$ |
5,592 |
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$ |
2,936 |
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$ |
10,737 |
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$ |
7,214 |
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Distributed earnings
allocated to common stock
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$ |
2,375 |
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$ |
2,053 |
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$ |
4,751 |
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$ |
4,107 |
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Undistributed earnings
allocated to common stock
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3,217 |
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|
883 |
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5,986 |
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3,107 |
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Net earnings allocated to
common stock
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$ |
5,592 |
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$ |
2,936 |
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$ |
10,737 |
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$ |
7,214 |
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Weighted average common
shares outstanding, including shares considered participating
securities
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14,450 |
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12,510 |
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14,447 |
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|
12,502 |
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Less: Average participating
securities
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(60 |
) |
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(57 |
) |
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(56 |
) |
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(53 |
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Weighted average
shares
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14,390 |
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12,453 |
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14,391 |
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12,449 |
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Basic earnings per common
share
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$ |
0.39 |
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$ |
0.24 |
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$ |
0.75 |
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$ |
0.58 |
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Diluted earnings per
common share computation:
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Net earnings allocated to
common stock
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$ |
5,592 |
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$ |
2,936 |
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$ |
10,737 |
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$ |
7,214 |
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Weighted average common
shares outstanding for basic earnings per common share
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14,390 |
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12,453 |
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14,391 |
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|
12,449 |
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Add: Dilutive effects of
assumed exercises of stock options
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1 |
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1 |
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2 |
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1 |
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Weighted average shares and
dilutive potential common shares
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14,391 |
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12,454 |
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14,393 |
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12,450 |
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Diluted earnings per common
share
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$ |
0.39 |
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$ |
0.24 |
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$ |
0.75 |
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$ |
0.58 |
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