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EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2013
EARNINGS PER SHARE  
EARNINGS PER SHARE
3.
EARNINGS PER SHARE
 
 
Basic and diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the respective periods.  The basic and diluted calculations differ as a result of the dilutive effect of stock options and time lapse restricted shares included in diluted earnings per share, but excluded from basic earnings per share. In addition, the Company has periodically issued share-based payment awards that contain non-forfeitable rights to dividends and are therefore considered participating securities.
 
 
A reconciliation of weighted average shares outstanding is as follows:
 
   
Three months ended
September 30,
    
Nine months ended
September 30,
  
(In thousands except per share data )
  
2013
    
2012
    
2013
    
2012
  
Net income available for stockholders:
   $ 2,002     $ 2,110     $ 5,386     $ 5,915  
Less:  Dividends paid
     (1,140 )     (754 )     (3,423 )     (2,264 )
Undistributed earnings
   $ 862     $ 1,356     $ 1,963     $ 3,651  
                                 
Basic shares outstanding:
                                
   Common stock
     35,556       35,514       35,516       35,525  
   Restricted shares of common stock
     1,271       1,134       1,263       1,123  
      36,827       36,648       36,779       36,648  
 
Diluted shares outstanding:
                                
   Common stock
     35,556       35,514       35,516       35,525  
   Dilutive effect of stock based awards
     353       110       279       145  
      35,909       35,624       35,795       35,670  
   Restricted shares of common stock
     1,271       1,134       1,263       1,123  
      37,180       36,758       37,058       36,793  
 
 
Inclusion of all participating securities in the computation of Earnings Per Share (EPS) under the two-class method had no impact on the Basic EPS amounts reported with the exception of the following: $0.01 reduction for the nine months ended September 30, 2013.
 
 
The effect of the Company’s stock options as shown below have been excluded from the computation of diluted earnings per share for the following periods, as their effect would have been anti-dilutive:
 
   
Three months ended September 30,
Nine months ended September 30,
(in thousands)
  
2013
2012
2013
2012
Stock options
  
42
42
42
42