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EARNINGS PER SHARE | 12 Months Ended
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Dec. 31, 2014
EARNINGS PER SHARE [Abstract] |
EARNINGS PER SHARE | NOTE M: EARNINGS PER SHARE Basic earnings per share are computed based on the weighted-average of the common shares outstanding for the period. Diluted earnings per share are based on the weighted-average of the shares outstanding adjusted for the dilutive effect of restricted stock and the assumed exercise of stock options during the year. The dilutive effect of options is calculated using the treasury stock method of accounting. The treasury stock method determines the number of common shares that would be outstanding if all the dilutive options (those where the average market price is greater than the exercise price) were exercised and the proceeds were used to repurchase common shares in the open market at the average market price for the applicable time period. There were approximately 0.2 million, 0.3 million and 0.5 million weighted-average anti-dilutive stock options outstanding at December 31, 2014, 2013 and 2012, respectively, which were not included in the computation below. The following is a reconciliation of basic to diluted earnings per share for the years ended December 31, 2014, 2013 and 2012.
(000's omitted, except per share data) |  | 2014 |  |  | 2013 |  |  | 2012 |
Net income |  | $ | 91,353 |  |  | $ | 78,829 |  |  | $ | 77,068 |
Income attributable to unvested stock-based compensation awards |  |  | (456 | ) |  |  | (433 | ) |  |  | (499 | )
Income available to common shareholders |  | $ | 90,897 |  |  | $ | 78,396 |  |  | $ | 76,569 |
Weighted-average common shares outstanding - basic |  |  | 40,548 |  |  |  | 40,000 |  |  |  | 39,192 |
Basic earnings per share |  | $ | 2.24 |  |  | $ | 1.96 |  |  | $ | 1.95 |
Net income |  | $ | 91,353 |  |  | $ | 78,829 |  |  | $ | 77,068 |
Income attributable to unvested stock-based compensation awards |  |  | (456 | ) |  |  | (433 | ) |  |  | (499 | )
Income available to common shareholders |  | $ | 90,897 |  |  | $ | 78,396 |  |  | $ | 76,569 |
Weighted-average common shares outstanding |  |  | 40,548 |  |  |  | 40,000 |  |  |  | 39,192 |
Assumed exercise of stock options |  |  | 481 |  |  |  | 504 |  |  |  | 479 |
Weighted-average common shares outstanding – diluted |  |  | 41,029 |  |  |  | 40,504 |  |  |  | 39,671 |
Diluted earnings per share |  | $ | 2.22 |  |  | $ | 1.94 |  |  | $ | 1.93 |
Cash dividends declared per share |  | $ | 1.16 |  |  | $ | 1.10 |  |  | $ | 1.06 |
In late January 2012, the Company completed a public common stock offering and raised $57.5 million through the issuance of 2.13 million shares of the Company’s common stock. The net proceeds of the offering were approximately $54.9 million. The Company used the capital raised in this offering to support the HSBC and First Niagara branch acquisitions. Stock Repurchase Program At its December 2011 meeting, the Board approved a stock repurchase program authorizing the repurchase, at the discretion of senior management, of up to 1,500,000 shares through December 31, 2012. At its December 2012 meeting, the Board approved a new repurchase program authorizing the repurchase of up to 2,000,000 shares of the Company’s common stock, in accordance with securities laws and regulations, through December 31, 2013. At its December 2014 meeting, the Board approved a new repurchase program authorizing the repurchase of up to 2,000,000 shares of the Company’s common stock, in accordance with securities laws and regulations, through December 31, 2015. Any repurchased shares will be used for general corporate purposes, including those related to stock plan activities. The timing and extent of repurchases will depend on market conditions and other corporate considerations as determined at the Company’s discretion. During 2014 the Company repurchased 123,000 shares of its common stock in open market transactions. There were no treasury stock purchases in 2013 or 2012

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