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EARNINGS PER SHARE (EPS)
 9 Months Ended
Sep. 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.
 

 
9
The following is a reconciliation of the numerators and denominators of basic EPS and diluted EPS for the periods presented:

 
 
Three Months Ended September 30,
  
Nine Months Ended September 30,
 
 
 
2013
  
2012
  
2013
  
2012
 
Net income per the Consolidated Statements of Income
 
$
10,631
  
$
11,795
  
$
33,240
  
$
33,573
 
Less: Dividends paid and earnings allocated to participating securities
  
(44
)
  
(46
)
  
(135
)
  
(137
)
Income attributable to common stock
 
$
10,587
  
$
11,749
  
$
33,105
  
$
33,436
 
Weighted average common shares outstanding, including participating securities
  
35,664,100
   
34,736,804
   
35,371,184
   
34,539,530
 
Less: weighted average participating securities
  
(318,314
)
  
(328,003
)
  
(321,325
)   
(327,099
)
Weighted average common shares outstanding
  
35,345,786
   
34,408,801
   
35,049,859
   
34,212,431
 
Basic EPS
 
$
0.30
  
$
0.34
  
$
0.95
  
$
0.98
 
Income attributable to common stock
 
$
10,587
  
$
11,749
  
$
33,105
  
$
33,436
 
Weighted average common shares outstanding
  
35,345,786
   
34,408,801
   
35,049,859
   
34,212,431
 
Weighted average common equivalent shares outstanding
  
181,717
   
89,016
   
107,788
   
75,348
 
Weighted average common and equivalent shares outstanding
  
35,527,503
   
34,497,817
   
35,157,647
   
34,287,779
 
Diluted EPS
 
$
0.30
  
$
0.34
  
$
0.95
  
$
0.98
 

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 761,193 and 1,330,792 weighted-average stock options outstanding for the three-month periods ended September 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 919,821 and 1,323,076 weighted-average stock options outstanding for the nine-month periods ended September 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.