NET INCOME PER COMMON SHARE

9 Months Ended

Sep. 30, 2013

(8)

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, 2013
Basic
Income available to common stockholders	$	14,491		15,287,535	$	0.94

Effect of stock options		—		307,346

Diluted
Income available to common stockholders plus assumed exercises of stock options	$	14,491		15,594,881	$	0.93

Three Months Ended September 30, 2012
Basic
Income available to common stockholders	$	13,860		15,174,755	$	0.91

Effect of stock options		—		272,639

Diluted
Income available to common stockholders plus assumed exercises of stock options	$	13,860		15,447,394	$	0.90

Nine Months Ended September 30, 2013
Basic
Income available to common stockholders	$	40,456		15,252,967	$	2.65

Effect of stock options		—		263,387

Diluted
Income available to common stockholders plus assumed exercises of stock options	$	40,456		15,516,354	$	2.61

Nine Months Ended September 30, 2012
Basic
Income available to common stockholders	$	39,594		15,155,035	$	2.61

Effect of stock options		—		276,063

Diluted
Income available to common stockholders plus assumed exercises of stock options	$	39,594		15,431,098	$	2.57

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, 2013		3,804	$	50.74
Three Months Ended September 30, 2012		479,000		39.21
Nine Months Ended September 30, 2013		330,165		40.09
Nine Months Ended September 30, 2012		597,200		38.66

- Definition

The entire disclosure for earnings per share.

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