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EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2014
EARNINGS PER SHARE  
EARNINGS PER SHARE

NOTE 10. EARNINGS PER SHARE

 

Earnings per share have been computed based on the following (average diluted shares outstanding are calculated using the treasury stock method):

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

(In thousands, except per share data)

 

2014

 

2013

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

11,988

 

$

8,104

 

$

22,347

 

$

30,606

 

 

 

 

 

 

 

 

 

 

 

Average number of common shares issued

 

26,525

 

26,525

 

26,525

 

26,525

 

Less: average number of treasury shares

 

1,360

 

1,519

 

1,400

 

1,403

 

Less: average number of unvested stock award shares

 

418

 

258

 

404

 

287

 

Average number of basic common shares outstanding

 

24,747

 

24,748

 

24,721

 

24,835

 

Plus: dilutive effect of unvested stock award shares

 

68

 

46

 

59

 

60

 

Plus: dilutive effect of stock options outstanding

 

46

 

79

 

55

 

106

 

Average number of diluted common shares outstanding

 

24,861

 

24,873

 

24,835

 

25,001

 

 

 

 

 

 

 

 

 

 

 

Earnings per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.48

 

$

0.33

 

$

0.90

 

$

1.23

 

Diluted

 

$

0.48

 

$

0.33

 

$

0.90

 

$

1.22

 

 

For the nine months ended September 30, 2014, 345 thousand shares of restricted stock and 291 thousand options were anti-dilutive and therefore excluded from the earnings per share calculations.  For the nine months ended September 30, 2013, 239 thousand shares of restricted stock and 464 thousand options were anti-dilutive and therefore excluded from the earnings per share calculations.