Net Income Per Common Share (Tables)

9 Months Ended

Sep. 30, 2015

Basic and Diluted Net Income Per Common Share

Basic and diluted net income per common share are calculated as follows:

	Income (Numerator)		Shares (Denominator)		Per Share Amount
	(Dollars in thousands, except per share data)
Three Months Ended September 30, 2015
Basic
Income available to common stockholders	$	15,630		15,581,593	$	1.01
Effect of stock options		—		324,531
Diluted
Income available to common stockholders plus assumed exercises of stock options	$	15,630		15,906,124	$	0.98
Three Months Ended September 30, 2014
Basic
Income available to common stockholders	$	18,793		15,425,920	$	1.22
Effect of stock options		—		369,923
Diluted
Income available to common stockholders plus assumed exercises of stock options	$	18,793		15,795,843	$	1.19
Nine Months Ended September 30, 2015
Basic
Income available to common stockholders	$	50,442		15,542,027	$	3.25
Effect of stock options		—		329,964
Diluted
Income available to common stockholders plus assumed exercises of stock options	$	50,442		15,871,991	$	3.18
Nine Months Ended September 30, 2014
Basic
Income available to common stockholders	$	48,138		15,412,611	$	3.12
Effect of stock options		—		361,686
Diluted
Income available to common stockholders plus assumed exercises of stock options	$	48,138		15,774,297	$	3.05

Average Exercise Price of Options Excluded from Computation of Diluted Net Income Per Common Share

The following table shows the number and average exercise price of options that were excluded from the computation of diluted net income per common share for each period because the options’ exercise prices were greater than the average market price of the common shares:

	Shares		Average Exercise Price
Three Months Ended September 30, 2015		145,261	$	60.51
Three Months Ended September 30, 2014		76,413		56.23
Nine Months Ended September 30, 2015		165,927	$	58.33
Nine Months Ended September 30, 2014		63,645		55.35