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EARNINGS PER SHARE (EPS)
 6 Months Ended
Jun. 30, 2013
EARNINGS PER SHARE (EPS) [Abstract]  
EARNINGS PER SHARE
6.   EARNINGS PER SHARE ("EPS")

Basic EPS is computed by dividing income attributable to common stock by the weighted-average common shares outstanding during the reporting period.  Diluted EPS is computed using the same method as basic EPS, but reflects the potential dilution that would occur if "in the money" stock options were exercised and converted into common stock.  In determining the weighted average shares outstanding for basic and diluted EPS, treasury stock and unallocated ESOP shares are excluded.  Vested restricted stock award shares are included in the calculation of the weighted average shares outstanding for basic and diluted EPS.   Unvested restricted stock award shares are recognized as a special class of securities under ASC 260.




The following is a reconciliation of the numerators and denominators of basic EPS and diluted EPS for the periods presented:


 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2013
2012
 
2013
2012
Net income per the Consolidated Statements of Income
$12,039 
$11,531 
 
$22,609 
$21,778 
Less: Dividends paid and earnings allocated to participating securities
(45)
(46)
 
(91)
(91)
Income attributable to common stock
$11,994 
$11,485 
 
$22,518 
$21,687 
Weighted average common shares outstanding, including participating securities
34,975,395 
34,181,312 
 
34,899,766 
34,113,495 
Less: weighted average participating securities
(321)
(329)
 
(323)
(327)
Weighted average common shares outstanding
34,975,074 
34,180,983 
 
34,899,443 
34,113,168 
Basic EPS
$0.34 
$0.34 
 
$0.65 
$0.64 
Income attributable to common stock
$11,994 
$11,485 
 
$22,518 
$21,687 
Weighted average common shares outstanding
34,975,074 
34,180,983 
 
34,899,443 
34,113,168 
Weighted average common equivalent shares outstanding
72,989 
48,219 
 
64,806 
66,928 
Weighted average common and equivalent shares outstanding
35,048,063 
34,229,202 
 
34,964,249 
34,180,096 
Diluted EPS
$0.34 
$0.34 
 
$0.65 
$0.64 

Common equivalent shares resulting from the dilutive effect of "in-the-money" outstanding stock options are calculated based upon the excess of the average market value of the Holding Company's common stock over the exercise price of outstanding in-the-money stock options during the period.

There were 1,275,586 and 2,203,024 weighted-average stock options outstanding for the three-month periods ended June 30, 2013 and 2012, respectively, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period.  There were 1,300,026 and 1,331,331 weighted-average stock options outstanding for the six-month periods ended June 30, 2013 and 2012, respectively, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period.