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EARNINGS PER SHARE (EPS)
 9 Months Ended
Sep. 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
September 30,
  
Nine Months Ended
September 30,
 
  
2015
  
2014
  
2015
  
2014
 
Net income per the Consolidated Statements of Income
 
$
10,081
  
$
11,765
  
$
33,388
  
$
32,259
 
Less: Dividends paid and earnings allocated to participating securities
  
(31
)
  
(41
)
  
(105
)
  
(128
)
Income attributable to common stock
 
$
10,050
  
$
11,724
  
$
33,283
  
$
32,131
 
Weighted average common shares outstanding, including participating securities
  
36,552,925
   
36,215,186
   
36,414,645
   
36,164,129
 
Less: weighted average participating securities
  
(224,102
)
  
(295,044
)
  
(252,162
)
  
(305,615
)
Weighted average common shares outstanding
  
36,328,823
   
35,920,142
   
36,162,483
   
35,858,514
 
Basic EPS
 
$
0.28
  
$
0.33
  
$
0.92
  
$
0.90
 
Income attributable to common stock
 
$
10,050
  
$
11,724
  
$
33,283
  
$
32,131
 
Weighted average common shares outstanding
  
36,328,823
   
35,920,142
   
36,162,483
   
35,858,514
 
Weighted average common equivalent shares outstanding
  
92,631
   
54,197
   
87,887
   
82,231
 
Weighted average common and equivalent shares outstanding
  
36,421,454
   
35,974,339
   
36,250,370
   
35,940,745
 
Diluted EPS
 
$
0.28
  
$
0.33
  
$
0.92
  
$
0.90
 


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 80,000 and 270,996 weighted-average stock options outstanding for the three-month periods ended September 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 132,976 and 309,444 weighted-average stock options outstanding for the nine-month periods ended September 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.