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EARNINGS PER SHARE (EPS)
 3 Months Ended
Mar. 31, 2014
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 March 31,
 
 
 
2014
  
2013
 
Net income per the Consolidated Statements of Income
 
$
10,034
  
$
10,570
 
Less: Dividends paid and earnings allocated to participating securities
  
(45
)
  
(46
)
Income attributable to common stock
 
$
9,989
  
$
10,524
 
Weighted average common shares outstanding, including participating securities
  
36,094,495
   
35,147,851
 
Less: weighted average participating securities
  
(317,810
)
  
(324,880
)
Weighted average common shares outstanding
  
35,776,685
   
34,822,971
 
Basic EPS
 
$
0.28
  
$
0.30
 
Income attributable to common stock
 
$
9,989
  
$
10,524
 
Weighted average common shares outstanding
  
35,776,685
   
34,822,971
 
Weighted average common equivalent shares outstanding
  
112,899
   
56,268
 
Weighted average common and equivalent shares outstanding
  
35,889,584
   
34,879,239
 
Diluted EPS
 
$
0.28
  
$
0.30
 


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 364,715 and 1,300,035 weighted-average stock options outstanding for the three-month periods ended March 31, 2014 and 2013, respectively, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period.