Earnings Per Share

12 Months Ended

Dec. 31, 2014

3. Earnings Per Share

The computation of basic and diluted earnings per share is shown below (in thousands, except per share data). For the year ended December 31, 2012, options to purchase 37,500 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 years ended December 31, 2014 and 2013.


	Years Ended December 31
	2014			2013			2012

Basic earnings per common share computation
Net income per consolidated statements of income	$	23,074		$	16,679		$	17,136
Net earnings allocated to participating securities		(95	)		(73	)		(62	)

Net earnings allocated to common stock	$	22,979		$	16,606		$	17,074


Distributed earnings allocated to common stock	$	9,476		$	8,532		$	8,182
Undistributed earnings allocated to common stock		13,503			8,074			8,892

Net earnings allocated to common stock	$	22,979		$	16,606		$	17,074

Weighted average common shares outstanding, including shares considered participating securities		14,412			12,929			12,441
Less: Average participating securities		(53	)		(50	)		(41	)

Weighted average shares		14,359			12,879			12,400

Basic earnings per common share	$	1.60		$	1.29		$	1.38

Diluted earnings per common share computation
Net earnings allocated to common stock	$	22,979		$	16,606		$	17,074

Weighted average common shares outstanding for basic earnings per common share		14,359			12,879			12,400
Add: Dilutive effects of assumed exercises of stock options		1			2			3

Weighted average shares and dilutive potential common shares		14,360			12,881			12,403

Diluted earnings per common share	$	1.60		$	1.29		$	1.38

- Definition

The entire disclosure for earnings per share.

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