Earnings Per Share

9 Months Ended

Sep. 30, 2014

12.

Earnings Per Share

Earnings per share have been computed using the weighted average number of ordinary shares and ordinary share equivalents outstanding during the period.

The following table sets forth the computation of basic and diluted earnings per share:


(Dollars in thousands,	Quarters Ended September 30,				Nine Months Ended September 30,
except share and per share data)	2014		2013		2014		2013
Net income	$	9,761	$	6,948	$	51,792	$	27,977

Basic earnings per share:
Weighted average shares outstanding – basic		25,137,531		25,082,237		25,126,684		25,065,725

Net income per share	$	0.39	$	0.28	$	2.06	$	1.12

Diluted earnings per share:
Weighted average shares outstanding – diluted		25,334,716		25,189,072		25,323,187		25,150,920

Net income per share	$	0.39	$	0.28	$	2.05	$	1.11

A reconciliation of weighted average shares for basic earnings per share to weighted average shares for diluted earnings per share is as follows:


	Quarters Ended September 30,				Nine Months Ended September 30,
	2014		2013		2014		2013
Weighted average shares for basic earnings per share		25,137,531		25,082,237		25,126,684		25,065,725
Non-vested restricted stock		89,114		42,526		88,710		48,540
Options		108,071		64,309		107,793		36,655

Weighted average shares for diluted earnings per share		25,334,716		25,189,072		25,323,187		25,150,920

The weighted average shares outstanding used to determine dilutive earnings per share for the quarters ended September 30, 2014 and 2013 do not include 12,500 and 45,450 shares, respectively, which were deemed to be anti-dilutive. The weighted average shares outstanding used to determine dilutive earnings per share for the nine months ended September 30, 2014 and 2013 do not include 12,500 and 45,450 shares, respectively, which were deemed to be anti-dilutive.

- Definition

The entire disclosure for earnings per share.

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