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EARNINGS PER SHARE (EPS)
 6 Months Ended
Jun. 30, 2015
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,
 
  
2015
  
2014
  
2015
  
2014
 
Net income per the Consolidated Statements of Income
 
$
11,529
  
$
10,460
  
$
23,307
  
$
20,494
 
Less: Dividends paid and earnings allocated to participating securities
  
(33
)
  
(42
)
  
(73
)
  
(86
)
Income attributable to common stock
 
$
11,496
  
$
10,418
  
$
23,234
  
$
20,408
 
Weighted average common shares outstanding, including participating securities
  
36,412,733
   
36,181,381
   
36,344,359
   
36,138,178
 
Less: weighted average participating securities
  
(245,046
)
  
(304,243
)
  
(266,424
)
  
(310,989
)
Weighted average common shares outstanding
  
36,167,687
   
35,877,138
   
36,077,935
   
35,827,189
 
Basic EPS
 
$
0.32
  
$
0.29
  
$
0.65
  
$
0.57
 
Income attributable to common stock
 
$
11,496
  
$
10,418
  
$
23,234
  
$
20,408
 
Weighted average common shares outstanding
  
36,167,687
   
35,877,138
   
36,077,935
   
35,827,189
 
Weighted average common equivalent shares outstanding
  
91,690
   
80,153
   
80,886
   
96,160
 
Weighted average common and equivalent shares outstanding
  
36,259,377
   
35,957,291
   
36,158,821
   
35,923,349
 
Diluted EPS
 
$
0.32
  
$
0.29
  
$
0.64
  
$
0.57
 


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 126,453 and 246,774 weighted-average stock options outstanding for the three-month periods ended June 30, 2015 and 2014, 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 136,292 and 342,056 weighted-average stock options outstanding for the six-month periods ended June 30, 2015 and 2014, respectively, which were not considered in the calculation of diluted EPS since their exercise prices exceeded the average market price during the period.