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Earnings Per Share
 6 Months Ended
Jun. 30, 2013
Earnings Per Share [Abstract]  
Earnings Per Share

Note 3. Earnings Per Share

The Company computes earnings per share (EPS) in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share. Additionally, for periods after December 31, 2012, the Company applied the “two-class method” in computing basic and diluted earnings per share. ASC Topic 260 clarifies that unvested share-based payment awards with a right to receive nonforfeitable dividends are participating securities.

The two-class method allocates net income available to common shareholders and participating securities to the extent that each security shares in earnings as if all earnings for the period had been distributed. The amount of earnings allocable to common shareholders is divided by the weighted-average number of common shares outstanding for the period. Participating securities that are convertible into common stock are included in the computation of basic earnings per share if the effect is dilutive.

Diluted EPS include potential common shares assumed issued under the treasury stock method, which reflects the potential dilution that would occur if any outstanding options or warrants were exercised or restricted stock becomes vested, and includes the “if converted” method for participating securities if the effect is dilutive. The two-class method of calculating diluted EPS is used in the event the “if converted” method is anti-dilutive.

 

     Three Months Ended
June 30,		      Six Months Ended
June 30,		  
     2013      2012      2013      2012  
     (in thousands, except share and per share amounts)  

Basic EPS:

            

Net income, as reported

    $ 7,644       $ 3,445       $ 16,495       $ 13,006   

Less allocated income to unvested shares

      26         2         41         5   
  

 

 

     

 

 

     

 

 

     

 

 

  

Net income available to common shareholders—basic

    $ 7,618       $ 3,443       $ 16,454       $ 13,001   
  

 

 

     

 

 

     

 

 

     

 

 

  

Basic weighted average common shares

      18,353,174         18,150,306         18,317,452         18,145,525   

Basic earnings per common share

    $ 0.42       $ 0.19       $ 0.90       $ 0.72   

Diluted EPS:

            

Net income available to common shareholders—diluted

    $ 7,619       $ 3,443       $ 16,455       $ 13,002   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted weighted average common shares:

            

Weighted average common shares

      18,353,174         18,150,306         18,317,452         18,145,525   

Stock options and performance shares

      359,125         438,189         396,324         440,631   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted weighted average common shares

      18,712,299         18,588,495         18,713,776         18,586,156   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted earnings per common share

    $ 0.41       $ 0.19       $ 0.88       $ 0.70