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Earnings Per Share
 6 Months Ended
Jun. 30, 2014
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
  
Six Months Ended
 
 
 
June 30
  
June 30
 
(in thousands except per share data)
 
2014
  
2013
  
2014
  
2013
 
Numerator:
 
  
  
  
 
Net income
 
$
12,195
  
$
11,942
  
$
22,335
  
$
23,762
 
 
                
Denominator:
                
Basic earnings per share:
                
Weighted average shares
  
17,318
   
17,121
   
17,313
   
17,107
 
Diluted earnings per share:
                
Effect of dilutive stock options and restricted stock grants
  
75
   
84
   
80
   
81
 
Adjusted weighted average shares
  
17,393
   
17,205
   
17,393
   
17,188
 
 
                
Earnings per share:
                
Basic earnings per share
 
$
0.70
  
$
0.70
  
$
1.29
  
$
1.39
 
Diluted earnings per share
  
0.70
   
0.69
   
1.28
   
1.38
 

Options to purchase 65,519 common shares at a weighted average price of $35.41 were excluded from the diluted calculations above for the three months ended June 30, 2014.  There were no options to purchase common shares that were excluded from the diluted calculations above for the six months ended June 30, 2014.  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 97,071 common shares at a weighted average price of $35.41 were excluded from the diluted calculations above for the three and six months ended June 30, 2013, because the exercises prices on the options were greater than the average market price for the period.