Annual report pursuant to Section 13 and 15(d)

EARNINGS PER SHARE

v2.4.0.8
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

NOTE 12 — EARNINGS PER SHARE

Earnings per share computations are based upon the following table:

 

     2013      2012      2011  
(In thousands, except per share data)              

Net Income

    $ 27,266       $ 21,874       $ 21,591   
  

 

 

     

 

 

     

 

 

  

Basic Earnings Weighted Average Shares

      17,484         17,143         16,750   

Net Effect of Dilutive Stock Options

      875         1,014         1,067   
  

 

 

     

 

 

     

 

 

  

Diluted Earnings Weighted Average Shares

      18,359         18,157         17,817   
  

 

 

     

 

 

     

 

 

  

Basic Earnings Per Share

    $ 1.56       $ 1.28       $ 1.29   

Diluted Earnings Per Share

    $ 1.49       $ 1.20       $ 1.21   

Stock options with exercise prices greater than the average market price of the underlying common shares are excluded from the computation of diluted earnings per share because they are out-of-the-money and the effect of their inclusion would be anti-dilutive. The number of common shares covered by out-of-the-money stock options were insignificant at December 31, 2013 and 0.2 million and 0.1 million for the years ended December 31, 2012 and 2011, respectively.