Earnings Per Share

12 Months Ended

Dec. 31, 2013

3. Earnings Per Share

The computation of basic and diluted earnings per share is shown below (in thousands, except per share data). For the years ended December 31, 2012, and 2011, options to purchase 37,500 and 75,500 shares of common stock were not considered in computing diluted earnings per share because they were anti-dilutive. There were no anti-dilutive stock options for the year ended December 31, 2013.


	Years Ended December 31
	2013			2012			2011

Basic earnings per common share computation
Net income per consolidated statements of income	$	16,679		$	17,136		$	15,104
Net earnings allocated to participating securities		(73	)		(62	)		(42	)

Net earnings allocated to common stock	$	16,606		$	17,074		$	15,062


Distributed earnings allocated to common stock	$	8,532		$	8,182		$	8,101
Undistributed earnings allocated to common stock		8,074			8,892			6,961

Net earnings allocated to common stock	$	16,606		$	17,074		$	15,062

Weighted average common shares outstanding, including shares considered participating securities		12,929			12,441			12,306
Less: Average participating securities		(50	)		(41	)		(33	)

Weighted average shares		12,879			12,400			12,273

Basic earnings per common share	$	1.29		$	1.38		$	1.23

Diluted earnings per common share computation
Net earnings allocated to common stock	$	16,606		$	17,074		$	15,062

Weighted average common shares outstanding for basic earnings per common share		12,879			12,400			12,273
Add: Dilutive effects of assumed exercises of stock options		2			3			6

Weighted average shares and dilutive potential common shares		12,881			12,403			12,279

Diluted earnings per common share	$	1.29		$	1.38		$	1.23

- Definition

The entire disclosure for earnings per share.

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