Earnings Per Share

6 Months Ended

Jun. 30, 2015

Note 9 – 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)	2015		2014		2015		2014
Numerator:
Net income	$	12,402	$	12,195	$	23,340	$	22,335

Denominator:
Basic earnings per share:
Weighted average shares		17,421		17,318		17,411		17,313
Diluted earnings per share:
Effect of dilutive stock options and restricted stock grants		44		75		47		80
Adjusted weighted average shares		17,465		17,393		17,458		17,393

Earnings per share:
Basic earnings per share	$	0.71	$	0.70	$	1.34	$	1.29
Diluted earnings per share		0.71		0.70		1.34		1.28

Options to purchase 58,063 common shares at a weighted average price of $35.409 were excluded from the diluted calculations above for the three and six months ended June 30, 2015, 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 65,519 common shares at a weighted average price of $35.409 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.