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EARNINGS PER SHARE | 6 Months Ended
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Jun. 30, 2014
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 June 30 |  |  | Six months ended June 30 |
(In thousands except per share data ) |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Net income available for stockholders |  | $ | 3,013 |  |  | $ | 1,935 |  |  | $ | 4,991 |  |  | $ | 3,384 |
Less: Dividends paid |  |  | (1,147 | ) |  |  | (1,142 | ) |  |  | (2,291 | ) |  |  | (2,283 | )
Undistributed earnings |  | $ | 1,866 |  |  | $ | 793 |  |  | $ | 2,700 |  |  | $ | 1,101 |
Basic shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 35,741 |  |  |  | 35,558 |  |  |  | 35,743 |  |  |  | 35,515 |
Restricted shares of common stock |  |  | 1,248 |  |  |  | 1,271 |  |  |  | 1,230 |  |  |  | 1,259 |
|  |  | 36,989 |  |  |  | 36,829 |  |  |  | 36,973 |  |  |  | 36,774 |
Diluted shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock |  |  | 35,741 |  |  |  | 35,558 |  |  |  | 35,743 |  |  |  | 35,515 |
Dilutive effect of stock based awards |  |  | 191 |  |  |  | 194 |  |  |  | 267 |  |  |  | 229 |
|  |  | 35,932 |  |  |  | 35,752 |  |  |  | 36,010 |  |  |  | 35,744 |
Restricted shares of common stock |  |  | 1,248 |  |  |  | 1,271 |  |  |  | 1,230 |  |  |  | 1,259 |
|  |  | 37,180 |  |  |  | 37,023 |  |  |  | 37,240 |  |  |  | 37,003 |
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 for all periods presented above. 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 June 30, |  |  | Six months ended June 30, |
(in thousands) |  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Stock options |  | - |  |  | 42 |  |  | - |  |  | 42 |

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