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Earnings Per Share
 9 Months Ended
Sep. 30, 2013
Earnings Per Share [Abstract]  
Earnings Per Share
Note 7 – Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

   
Three Months Ended
  
Nine Months Ended
 
   
September 30
  
September 30
 
(in thousands except per share data)
 
2013
  
2012
  
2013
  
2012
 
Numerator:
            
Net income
 $12,653  $10,209  $36,415  $34,310 
                  
Denominator:
                
Basic earnings per share:
                
Weighted average shares
  15,594   15,491   15,566   15,450 
Diluted earnings per share:
                
Effect of dilutive stock options
  94   64   81   51 
Adjusted weighted average shares
  15,688   15,555   15,647   15,501 
                  
Earnings per share:
                
Basic earnings per share
 $0.81  $0.66  $2.34  $2.22 
Diluted earnings per share
  0.81   0.66   2.33   2.21 
 
There were no options to purchase common shares that were excluded from the diluted calculations above for the three months ended September 30, 2013.  Options to purchase 82,792 common shares at a weighted average price of $38.95 were excluded from the diluted calculations above for the nine months ended September 30, 2013, because the exercise prices on the options were greater than the average market price for the period.  In addition to in-the-money stock options, unvested restricted stock grants were also used in the calculation of diluted earnings per share based on the treasury method.  Options to purchase 89,746 common shares were excluded from the diluted calculations above for both the three and nine months ended September 30, 2012.