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Earnings Per Share | 9 Months Ended
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Sep. 30, 2013
Earnings Per Share [Abstract] |
Earnings Per Share |
8. | EARNINGS PER SHARE
Basic earnings per share is computed by dividing net income by the weighted average number of shares outstanding during the applicable period, excluding outstanding participating securities. Diluted earnings per share is computed using the weighted average number of shares determined for the basic computation plus the dilutive effect of potential common shares issuable under certain stock compensation plans. For the three and nine months ended September 30, 2013, 36,203 shares issuable pursuant to outstanding stock options were excluded from the diluted earnings per share calculations because the strike prices associated with the options exceeded the market price of the Corporation’s common stock thus making the shares anti-dilutive. For the three and nine months ended September 30, 2012, 37,500 shares issuable pursuant to outstanding stock options were excluded from the diluted earnings per share calculations because the strike prices associated with the options exceeded the market price of the Corporation’s common stock thus making the shares anti-dilutive. Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The Corporation has determined that its outstanding non-vested stock awards are participating securities. The computation of basic and diluted earnings per share is shown below (in thousands except per share data):
|  | Three months ended September 30, |  |  | Nine months ended September 30, |
|  | 2013 |  |  | 2012 |  |  | 2013 |  |  | 2012 |
Net income per consolidated statements of income |  | $ | 4,703 |  |  | $ | 4,563 |  |  | $ | 11,951 |  |  | $ | 13,246 |
Net earnings allocated to participating securities |  |  | (21 | ) |  |  | (17 | ) |  |  | (56 | ) |  |  | (50 | )
Net earnings allocated to common stock |  | $ | 4,682 |  |  | $ | 4,546 |  |  | $ | 11,895 |  |  | $ | 13,196 |
Basic earnings per common share computation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Distributed earnings allocated to common stock |  | $ | 2,054 |  |  | $ | 2,045 |  |  | $ | 6,161 |  |  | $ | 6,130 |
Undistributed earnings allocated to common stock |  |  | 2,628 |  |  |  | 2,501 |  |  |  | 5,734 |  |  |  | 7,066 |
Net earnings allocated to common stock |  | $ | 4,682 |  |  | $ | 4,546 |  |  | $ | 11,895 |  |  | $ | 13,196 |
Weighted average common shares outstanding, including shares considered participating securities |  |  | 12,513 |  |  |  | 12,448 |  |  |  | 12,505 |  |  |  | 12,430 |
Less: Average participating securities |  |  | (51 | ) |  |  | (41 | ) |  |  | (52 | ) |  |  | (42 | )
Weighted average shares |  |  | 12,462 |  |  |  | 12,407 |  |  |  | 12,453 |  |  |  | 12,388 |
Basic earnings per common share |  | $ | 0.38 |  |  | $ | 0.37 |  |  | $ | 0.96 |  |  | $ | 1.07 |
Diluted earnings per common share computation: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net earnings allocated to common stock |  | $ | 4,682 |  |  | $ | 4,546 |  |  | $ | 11,895 |  |  | $ | 13,196 |
Weighted average common shares outstanding for basic earnings per common share |  |  | 12,462 |  |  |  | 12,407 |  |  |  | 12,453 |  |  |  | 12,388 |
Add: Dilutive effects of assumed exercises of stock options |  |  | 2 |  |  |  | 4 |  |  |  | 1 |  |  |  | 4 |
Weighted average shares and dilutive potential common shares |  |  | 12,464 |  |  |  | 12,411 |  |  |  | 12,454 |  |  |  | 12,392 |
Diluted earnings per common share |  | $ | 0.38 |  |  | $ | 0.37 |  |  | $ | 0.96 |  |  | $ | 1.06 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1278-109256 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7655603&loc=d3e1252-109256 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=32703322&loc=d3e4984-109258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=26872669&loc=d3e20235-122688 + Details
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