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NET INCOME PER COMMON SHARE (Tables)
3 Months Ended
Mar. 31, 2014
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)  

Three Months Ended March 31, 2014

        

Basic

        

Income available to common stockholders

   $ 14,657         15,342,486       $ 0.96   
        

 

 

 

Effect of stock options

     —           318,434      
  

 

 

    

 

 

    

Diluted

        

Income available to common stockholders plus assumed exercises of stock options

   $ 14,657         15,660,920       $ 0.94   
  

 

 

    

 

 

    

 

 

 

Three Months Ended March 31, 2013

        

Basic

        

Income available to common stockholders

   $ 13,372         15,238,701       $ 0.88   
        

 

 

 

Effect of stock options

             243,816      
  

 

 

    

 

 

    

Diluted

        

Income available to common stockholders plus assumed exercises of stock options

   $ 13,372         15,482,517       $ 0.86   
  

 

 

    

 

 

    

 

 

 
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 period because the options’ exercise prices were greater than the average market price of the common shares:

 

     Shares      Average
Exercise Price
 

Three Months Ended March 31, 2014

     65,000       $ 54.01   

Three Months Ended March 31, 2013

     534,000         39.44