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NET INCOME PER COMMON SHARE (Tables)
12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Basic and Diluted 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)  

Year Ended December 31, 2013

        

Basic

        

Income available to common stockholders

   $ 54,317         15,268,843       $ 3.56   
        

 

 

 

Effect of stock options

     —           279,979      
  

 

 

    

 

 

    

Diluted

        

Income available to common stockholders plus assumed exercises of stock options

   $ 54,317         15,548,822       $ 3.49   
  

 

 

    

 

 

    

 

 

 

Year Ended December 31, 2012

        

Basic

        

Income available to common stockholders

   $ 51,900         15,172,457       $ 3.42   
        

 

 

 

Effect of stock options

     —           271,188      
  

 

 

    

 

 

    

Diluted

        

Income available to common stockholders plus assumed exercises of stock options

   $ 51,900         15,443,645       $ 3.36   
  

 

 

    

 

 

    

 

 

 

Year Ended December 31, 2011

        

Basic

        

Income available to common stockholders

   $ 45,621         15,267,357       $ 2.99   
        

 

 

 

Effect of stock options

     —           282,774      
  

 

 

    

 

 

    

Diluted

        

Income available to common stockholders plus assumed exercises of stock options

   $ 45,621         15,550,131       $ 2.93   
  

 

 

    

 

 

    

 

 

 
Average Exercise Price of Options Excluded from Computation of Diluted Net Income Per Common Share

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 year because the options’ exercise prices were greater than the average market price of the common shares.

 

     Shares      Average
Exercise
Price
 

December 31, 2013

     118,603       $ 42.79   

December 31, 2012

     604,429         38.69   

December 31, 2011

     550,495         38.85