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Common Stock and Earnings per Share
 12 Months Ended
Dec. 31, 2014
Common Stock and Earnings per Share [Abstract]  
Common Stock and Earnings per Share

Note 9
Common Stock and Earnings per Share

The table below shows activity in the outstanding shares of the Company's common stock during 2014.

Table of Contents

2014
Shares outstanding at January 1       11,521,480
Issuance of common stock:
       Employee restricted stock grants 6,007
       Employee SARs exercised 8,066
       Directors' compensation 6,524
Shares repurchased (39,502 )
Shares outstanding at December 31 11,502,575

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding. Diluted earnings per share is computed by dividing net income by the sum of the weighted average number of common shares outstanding and the weighted average number of potential common shares outstanding. Under the treasury stock method, stock appreciation rights (“SARs”) are dilutive when the average market price of the Company's common stock, combined with the effect of any unamortized compensation expense, exceeds the SAR price during a period. Anti-dilutive shares are those SARs with prices in excess of the current market value.

The calculations of basic and diluted earnings per share are as follows:

  December 31,
(In thousands except share and per share data)   2014   2013   2012
Basic          
Net income   $ 24,033   $ 23,497   $ 23,303
       Weighted average common shares outstanding     11,479,025   11,441,158   11,378,216
                     Basic earnings per share     $ 2.09   $ 2.05   $ 2.05
Diluted        
       Net income   $ 24,033   $ 23,497   $ 23,303
       Weighted average common shares outstanding     11,479,025   11,441,158   11,378,216
       Effect of dilutive restricted stock and SARs   164,954   199,581   178,998
       Weighted average common shares outstanding        
              assuming dilution     11,643,979   11,640,739   11,557,214
                     Diluted earnings per share     $ 2.06   $ 2.02   $ 2.02