Note 5: Earnings Per Share

3 Months Ended

Sep. 30, 2014

Notes

Note 5: Earnings Per Share

NOTE 5: EARNINGS PER SHARE

	Three Months Ended September 30,
	2014	2013
(In Thousands, Except Per Share Data)
Basic:
Average shares outstanding	13,696	13,647
Net income available to common stockholders	$11,445	$8,294
Per common share amount	$0.84	$0.61
Diluted:
Average shares outstanding	13,696	13,647
Net effect of dilutive stock options – based on the treasury
stock method using average market price	89	58
Diluted shares	13,785	13,705
Net income available to common stockholders	$11,445	$8,294
Per common share amount	$0.83	$0.61

	Nine Months Ended September 30,
	2014	2013
(In Thousands, Except Per Share Data)
Basic:
Average shares outstanding	13,693	13,634
Net income available to common stockholders	$31,027	$24,621
Per share amount	$2.27	$1.81
Diluted:
Average shares outstanding	13,693	13,634
Net effect of dilutive stock options – based on the treasury
stock method using average market price	75	58
Diluted shares	13,768	13,692
Net income available to common stockholders	$31,027	$24,621
Per share amount	$2.25	$1.80

Options to purchase 118,600 and 304,630 shares of common stock were outstanding at September 30, 2014 and 2013, respectively, but were not included in the computation of diluted earnings per common share for the three month periods because the options’ exercise prices were greater than the average market prices of the common shares for the three months ended September 30, 2014 and 2013, respectively.  Options to purchase 232,735 and 304,630 shares of common stock were outstanding at September 30, 2014 and 2013, respectively, but were not included in the computation of diluted earnings per common share for the nine month periods because the options’ exercise prices were greater than the average market prices of the common shares for the nine months ended September 30, 2014 and 2013, respectively.