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EARNINGS PER SHARE
 6 Months Ended
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
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