Earnings Per Share

12 Months Ended

Dec. 31, 2015

3. Earnings Per Share

The computation of basic and diluted earnings per share is shown below (in thousands, except per share data). There were no anti-dilutive stock options for the years ended December 31, 2015, 2014 and 2013.


	Years Ended December 31
	2015			2014			2013

Basic earnings per common share computation
Net income per consolidated statements of income	$	22,197		$	23,074		$	16,679
Net earnings allocated to participating securities		(117	)		(95	)		(73	)

Net earnings allocated to common stock	$	22,080		$	22,979		$	16,606


Distributed earnings allocated to common stock	$	9,460		$	9,476		$	8,532
Undistributed earnings allocated to common stock		12,620			13,503			8,074

Net earnings allocated to common stock	$	22,080		$	22,979		$	16,606

Weighted average common shares outstanding, including shares considered participating securities		14,408			14,412			12,929
Less: Average participating securities		(70	)		(53	)		(50	)

Weighted average shares		14,338			14,359			12,879

Basic earnings per common share	$	1.54		$	1.60		$	1.29


Diluted earnings per common share computation
Net earnings allocated to common stock	$	22,080		$	22,979		$	16,606

Weighted average common shares outstanding for basic earnings per common share		14,338			14,359			12,879
Add: Dilutive effects of assumed exercises of stock options		0			1			2

Weighted average shares and dilutive potential common shares		14,338			14,360			12,881

Diluted earnings per common share	$	1.54		$	1.60		$	1.29