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EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2015
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. 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 )     2015       2014       2015       2014  
Net income available for stockholders   $ 4,429     $ 3,013     $ 7,358     $ 4,991  
Less: Dividends paid     (1,532 )     (1,147 )     (3,063 )     (2,291 )
Undistributed earnings   $ 2,897     $ 1,866     $ 4,295     $ 2,700  
                                 
Basic shares outstanding:                                
 Common stock     35,771       35,741       35,775       35,743  
 Restricted shares of common stock     1,255       1,248       1,250       1,230  
      37,026       36,989       37,025       36,973  
 Diluted shares outstanding:                                
 Common stock     35,771       35,741       35,775       35,743  
 Dilutive effect of stock based awards     94       191       199       267  
      35,865       35,932       35,974       36,010  
 Restricted shares of common stock     1,255       1,248       1,250       1,230  
      37,120       37,180       37,224       37,240  

 

Earnings per share attributable to common stock and restricted shares of common stock (participating securities) is as follows: 

                                 
      Three months ended 
June 30		       Six months ended 
June 30		  
      2015       2014       2015       2014  
Basic earnings per share                                
Common stock   $ 0.12     $ 0.08     $ 0.20     $ 0.13  
Restricted shares of common stock     0.12       0.08       0.19       0.13