| Reconciliation of basic to diluted earnings per share |
The following is a reconciliation of basic to diluted earnings per share for the three and nine months ended September 30, 2013 and 2012.
| | Three Months Ended | | Nine Months Ended | | | September 30, | | September 30, | (000's omitted, except per share data) | 2013 | 2012 | | 2013 | 2012 | Net income | $21,989 | $18,367 | | $63,352 | $58,264 | Income attributable to unvested stock-based compensation awards | (121) | (125) | | (315) | (372) | Income available to common shareholders | 21,868 | 18,242 | | 63,037 | 57,892 | | | | | | | | Weighted-average common shares outstanding – basic | 40,121 | 39,384 | | 39,914 | 39,095 | Basic earnings per share | $0.55 | $0.46 | | $1.58 | $1.48 | | | | | | | | Net income | $21,989 | $18,367 | | $63,352 | $58,264 | Income attributable to unvested stock-based compensation awards | (121) | (125) | | (315) | (372) | Income available to common shareholders | 21,868 | 18,242 | | 63,037 | 57,892 | | | | | | | | Weighted-average common shares outstanding – basic | 40,121 | 39,384 | | 39,914 | 39,095 | Assumed exercise of stock options | 506 | 486 | | 474 | 496 | Weighted-average common shares outstanding – diluted | 40,627 | 39,870 | | 40,388 | 39,591 | | | | | | | | Diluted earnings per share | $0.54 | $0.46 | | $1.56 | $1.46 | Cash dividends declared per share | $0.28 | $0.27 | | $0.82 | $0.79 |
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