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Earnings Per Share
 9 Months Ended
Sep. 30, 2014
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings per Share
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):
 
 
Three months ended September 30,
 
Nine months ended September 30,
 
2014
 
2013
 
2014
 
2013
 
Distributed earnings allocated to common stock
$
6,073

 
$
5,767

 
$
18,220

 
$
17,302

 
Undistributed earnings allocated to common stock
5,673

 
8,081

 
19,809

 
17,349

 
Net earnings allocated to common shareholders
$
11,746

 
$
13,848

 
$
38,029

 
$
34,651

 
 
 
 
 
 
 
 
 
 
Average shares outstanding
15,363

 
15,608

 
15,509

 
15,545

 
Effect of dilutive securities:
 

 
 

 
 
 
 
 
Warrant outstanding
62

 
62

 
62

 
60

 
Employee stock awards
20

 
120

 
23

 
108

 
Shares for diluted earnings per share
15,445

 
15,790

 
15,594

 
15,713

 
 
 
 
 
 
 
 
 
 
Basic earnings per share
$
0.76

 
$
0.89

 
$
2.45

 
$
2.23

 
Diluted earnings per share
$
0.76

 
$
0.88

 
$
2.44

 
$
2.21

 


Options to purchase approximately 13,953 shares of common stock at an exercise price of $44.43 per share were outstanding during the third quarter of 2014 but were not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares and therefore, the effect would have been anti-dilutive.  During the third quarter of 2013, there were no anti-dilutive options outstanding.