Earnings Per Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Note 6. Earnings Per Share

Basic earnings per share excludes dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity (such as the Company’s dilutive stock options and restricted stock units).

The following is a reconciliation of basic and diluted earnings per share for the periods presented in the consolidated statements of income.

Three months ended June 30,	2013		2012
(in thousands, except per share data)
Basic EPS:
Weighted average common shares outstanding		43,923		33,191
Net income available to common shareholders		16,916		13,257
Basic EPS	$	0.39	$	0.40
Diluted EPS:
Weighted average common shares outstanding		43,923		33,191
Dilutive effect of common stock options and restricted stock		393		301
Weighted average common shares and common share equivalents		44,316		33,492
Net income available to common shareholders		16,916		13,257
Diluted EPS	$	0.38	$	0.40
Six months ended June 30,		2013		2012
(in thousands, except per share data)
Basic EPS:
Weighted average common shares outstanding		40,187		33,128
Net income available to common shareholders		24,565		26,907
Basic EPS	$	0.61	$	0.81
Diluted EPS:
Weighted average common shares outstanding		40,187		33,128
Dilutive effect of common stock options and restricted stock		388		325
Weighted average common shares and common share equivalents		40,575		33,453
Net income available to common shareholders		24,565		26,907
Diluted EPS	$	0.61	$	0.80

There were 1,231,395 stock options for the quarter ended June 30, 2013 and 1,271,116 stock options for the quarter ended June 30, 2012 that were not considered in the calculation of diluted earnings per share since the stock options’ exercise price was greater than the average market price during these periods.

There were 1,203,046 stock options for the six months ended June 30, 2013 and 1,209,201 stock options for the six months ended June 30, 2012 that were not considered in the calculation of diluted earnings per share since the stock options’ exercise price was greater than the average market price during these periods.