Net Income Per Share

9 Months Ended

Sep. 30, 2013

Earnings Per Share [Abstract]

Net Income Per Share

6. Net Income Per Share

The following table summarizes the Company’s net income per share:

(Amounts, except earnings per share, in thousands)

	Three Months		Three Months
	Ended		Ended
	September 30, 2013		September 30, 2012
Net income	$	3,971	$	3,934
Weighted-average common shares outstanding		17,410		17,235
Basic earnings per share	$	0.23	$	0.23
Weighted-average common shares outstanding	$	17,410	$	17,235
Common stock equivalents due to effect of stock options		193		154
Total weighted-average common shares and equivalents		17,603		17,389
Diluted earnings per share	$	0.23	$	0.22
	Nine Months		Nine Months
	Ended		Ended
	September 30, 2013		September 30, 2012
Net income	$	11,561	$	11,400
Weighted-average common shares outstanding		17,359		17,195
Basic earnings per share	$	0.67	$	0.66
Weighted-average common shares outstanding	$	17,359	$	17,195
Common stock equivalents due to effect of stock options		171		155
Total weighted-average common shares and equivalents		17,530		17,350
Diluted earnings per share	$	0.66	$	0.66

The shares controlled by the Company’s Employee Stock Ownership Plan (ESOP) of 296,095 and 395,587 at September 30, 2013 and September 30, 2012, respectively, are not considered in the weighted average shares outstanding until the shares are committed for allocation to an employee’s individual account.

Options to purchase 64,821 shares at $10.35 per diluted share expiring November 2020, 77,872 shares at $11.00 per diluted share expiring November 2021 and 189,699 shares at $10.50 per diluted share expiring November 2022 were outstanding as of September 30, 2013, but were not included in the computation of diluted earnings per share because the options’ exercise price combined with its fair value was greater than the average market price of the common shares.

Options to purchase 85,919 shares at $10.35 per diluted share expiring November 2020 and 91,948 shares at $11.00 per diluted share expiring November 2021, were outstanding as of September 30, 2012, but were not included in the computation of diluted earnings per share because the options’ exercise price combined with its fair value was greater than the average market price of the common shares.