Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2015

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,
	2015			2014			2015			2014
Basic earnings per common share computation:
Net income per consolidated statements of income	$	5,522		$	5,548		$	16,689		$	16,331
Net earnings allocated to participating securities		(30	)		(23	)		(92	)		(70	)

Net earnings allocated to common stock	$	5,492		$	5,525		$	16,597		$	16,261

Distributed earnings allocated to common stock	$	2,363		$	2,359		$	7,095		$	7,109
Undistributed earnings allocated to common stock		3,129			3,166			9,502			9,152

Net earnings allocated to common stock	$	5,492		$	5,525		$	16,597		$	16,261

Weighted average common shares outstanding, including shares considered participating securities		14,406			14,368			14,408			14,421
Less: Average participating securities		(71	)		(53	)		(72	)		(55	)

Weighted average shares		14,335			14,315			14,336			14,366

Basic earnings per common share	$	0.38		$	0.39		$	1.16		$	1.13

Diluted earnings per common share computation:
Net earnings allocated to common stock	$	5,492		$	5,525		$	16,597		$	16,261

Weighted average common shares outstanding for basic earnings per common share		14,335			14,315			14,336			14,366
Add: Dilutive effects of assumed exercises of stock options		0			1			0			1

Weighted average shares and dilutive potential common shares		14,335			14,316			14,336			14,367

Diluted earnings per common share	$	0.38		$	0.39		$	1.16		$	1.13