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Earnings Per Common Share
 3 Months Ended
Mar. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Common Share
Earnings Per Common Share
Earnings per common share are computed using the two-class method. Basic earnings per common share are computed by dividing net income allocated to common shares by the weighted average number of shares outstanding during the applicable period, excluding outstanding participating securities. Participating securities include unvested restricted shares. Unvested restricted shares are considered participating securities because holders of these securities receive non-forfeitable dividends at the same rate as holders of the Corporation’s common stock. Diluted earnings per share are computed by dividing net income allocated to common shares adjusted for reallocation of undistributed earnings of unvested restricted shares by the weighted average number of shares determined for the basic earnings per common share computation plus the dilutive effect of common stock equivalents using the treasury stock method.
There were no average anti-dilutive employee share-based awards for the three-month period ended March 31, 2014 and 12,000 of such awards for the three-month period ended March 31, 2013.
 
 
For the Three Months Ended March 31,
 
 
2014
 
2013
 
(Dollars in Thousands, Except Per Share Data)
Basic earnings per common share
 
 
 
 
Net income
 
$
3,337

 
$
3,244

Less: earnings allocated to participating securities
 
72

 
78

Basic earnings allocated to common shareholders
 
$
3,265

 
$
3,166

 
 
 
 
 
Weighted-average common shares outstanding, excluding participating securities
 
3,859,503

 
3,824,052

 
 
 
 
 
Basic earnings per common share
 
$
0.85

 
$
0.83

 
 
 
 
 
Diluted earnings per common share
 
 
 
 
Earnings allocated to common shareholders
 
$
3,265

 
$
3,166

Reallocation of undistributed earnings
 
—

 
—

Diluted earnings allocated to common shareholders
 
$
3,265

 
$
3,166

 
 
 
 
 
Weighted-average common shares outstanding, excluding participating securities
 
3,859,503

 
3,824,052

Dilutive effect of share-based awards
 
21,058

 
5,519

Weighted-average diluted common shares outstanding, excluding participating securities
 
3,880,561

 
3,829,571

 
 
 
 
 
Diluted earnings per common share
 
$
0.84

 
$
0.83