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Earnings Per Common Share
 9 Months Ended
Sep. 30, 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.
For the three-month periods ended September 30, 2014 and 2013, there were no average anti-dilutive employee share-based awards. For the nine-month periods ended September 30, 2014 and 2013, average anti-dilutive employee share-based awards totaled 0 and 366, respectively.
 
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
 
2014
 
2013
 
2014
 
2013
 
 
(Dollars in Thousands, Except Per Share Data)
Basic earnings per common share
 
 
 
 
 
 
 
 
Net income
 
$
3,553

 
$
3,609

 
$
10,395

 
$
9,986

Less: earnings allocated to participating securities
 
75

 
89

 
222

 
242

Basic earnings allocated to common shareholders
 
$
3,478

 
$
3,520

 
$
10,173

 
$
9,744

 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding, excluding participating securities
 
3,867,835

 
3,831,227

 
3,862,504

 
3,826,809

 
 
 
 
 
 
 
 
 
Basic earnings per common share
 
$
0.90

 
$
0.92

 
$
2.63

 
$
2.55

 
 
 
 
 
 
 
 
 
Diluted earnings per common share
 
 
 
 
 
 
 
 
Earnings allocated to common shareholders
 
$
3,478

 
$
3,520

 
$
10,173

 
$
9,744

Reallocation of undistributed earnings
 
—

 
—

 
1

 
1

Diluted earnings allocated to common shareholders
 
$
3,478

 
$
3,520

 
$
10,174

 
$
9,745

 
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding, excluding participating securities
 
3,867,835

 
3,831,227

 
3,862,504

 
3,826,809

Dilutive effect of share-based awards
 
21,844

 
18,335

 
22,089

 
13,062

Weighted-average diluted common shares outstanding, excluding participating securities
 
3,889,679

 
3,849,562

 
3,884,593

 
3,839,871

 
 
 
 
 
 
 
 
 
Diluted earnings per common share
 
$
0.89

 
$
0.91

 
$
2.62

 
$
2.54