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Earnings per Share | 9 Months Ended
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Sep. 30, 2016
Earnings Per Share [Abstract] |
Earnings per Share | Earnings per Share The following table sets forth the computation of basic and diluted earnings per share using the two class method (in thousands, except per share data):
| Three months ended September 30, |  | Nine months ended September 30,
2016 | 2015 |  | 2016 | 2015
Distributed earnings allocated to common stock | $ | 6,376 |  | $ | 6,362 |  |  | $ | 19,128 |  | $ | 19,086 |
Undistributed earnings allocated to common stock | 6,699 |  | 4,125 |  |  | 17,901 |  | 21,040 |
Net earnings allocated to common shareholders | $ | 13,075 |  | $ | 10,487 |  |  | $ | 37,029 |  | $ | 40,126 |
Average shares outstanding | 14,899 |  | 15,178 |  |  | 14,902 |  | 15,111 |
Effect of dilutive securities: |  |  |  |  |  |  |
Warrants outstanding | — |  | — |  |  | — |  | 37 |
Employee stock awards | 11 |  | 20 |  |  | 11 |  | 21 |
Shares for diluted earnings per share | 14,910 |  | 15,198 |  |  | 14,913 |  | 15,169 |
Basic earnings per share | $ | 0.88 |  | $ | 0.69 |  |  | $ | 2.48 |  | $ | 2.66 |
Diluted earnings per share | $ | 0.88 |  | $ | 0.69 |  |  | $ | 2.48 |  | $ | 2.65 |
During the three and nine months ended September 30, 2015 there were no anti-dilutive options outstanding. Options to purchase approximately 3,000 shares and 5,000 shares of common stock were outstanding during the three and nine months ended September 30, 2016, respectively, but were not included in the computation of diluted earnings per share because the effect of the options' exercises would have been anti-dilutive.

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