Earnings Per Share

9 Months Ended

Sep. 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 September 30,	2013		2012
(in thousands, except per share data)
Basic EPS:
Weighted average common shares outstanding		43,711		33,619
Net income available to common shareholders		19,257		14,535
Basic EPS	$	0.44	$	0.43
Diluted EPS:
Weighted average common shares outstanding		43,711		33,619
Dilutive effect of common stock options and restricted stock		424		342
Weighted average common shares and common share equivalents		44,135		33,961
Net income available to common shareholders		19,257		14,535
Diluted EPS	$	0.44	$	0.43
Nine months ended September 30,		2013		2012
(in thousands, except per share data)
Basic EPS:
Weighted average common shares outstanding		41,375		33,293
Net income available to common shareholders		43,822		41,442
Basic EPS	$	1.06	$	1.24
Diluted EPS:
Weighted average common shares outstanding		41,375		33,293
Dilutive effect of common stock options and restricted stock		394		333
Weighted average common shares and common share equivalents		41,769		33,626
Net income available to common shareholders		43,822		41,442
Diluted EPS	$	1.05	$	1.23

There were 972,403 stock options for the quarter ended September 30, 2013 and 1,176,670 stock options for the quarter ended September 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 1,157,135 stock options for the nine months ended September 30, 2013 and 1,197,417 stock options for the nine months ended September 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.