Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2013

Schedule of computation of basic and diluted EPS

Basic earnings per common share are calculated by dividing net income allocable to common stock by the weighted average number of common shares, excluding participating securities, during the period. Diluted earnings per common share includes the dilutive effect of additional potential shares from stock compensations awards.

	Three Months Ended
(in thousands, except share and per share data)	06/30/2013			06/30/2012
Basic
Net income available to common shareholders	$	11,007		$	8,826
Less: dividends and undistributed earnings allocated to unvested restricted stock awards		(112	)		(33	)
Net earnings allocated to common shareholders		10,895			8,793

Weighted average shares outstanding, including participating securities		14,541,222			12,195,047

Less: average participating securities		(113,384	)		(48,425	)
Weighted average shares outstanding - Basic		14,427,838			12,146,622

Diluted
Net earnings allocated to common shareholders		10,895			8,793

Weighted average shares outstanding - Basic		14,427,838			12,146,622

Dilutive effect of common stock options or restricted stock awards		69,021			19,795

Weighted average shares outstanding - Diluted		14,496,859			12,166,417

Basic EPS		0.76			0.72
Diluted EPS		0.75			0.72

The dilutive effect of common stock options or restricted awards calculation for the three months ended June 30, 2013 and 2012 excludes stock options, stock appreciation rights and restricted stock awards covering an aggregate of 572,068 and 776,465 shares, respectively, because the exercise prices were greater than the average market price during these periods.

	Six Months Ended
(in thousands, except share and per share data)	06/30/2013			06/30/2012
Basic
Net income available to common shareholders	$	22,516		$	16,640
Less: dividends and undistributed earnings allocated to unvested restricted stock awards		(147	)		(67	)
Net earnings allocated to common shareholders		22,369			16,573

Weighted average shares outstanding, including participating securities		14,482,584			11,673,332

Less: average participating securities		(78,190	)		(48,607	)
Weighted average shares outstanding - Basic		14,404,394			11,624,725

Diluted
Net earnings allocated to common shareholders		22,369			16,573

Weighted average shares outstanding - Basic		14,404,394			11,624,725

Dilutive effect of common stock options or restricted stock awards		67,542			32,046

Weighted average shares outstanding - Diluted		14,471,936			11,656,771

Basic EPS		1.55			1.43
Diluted EPS		1.55			1.42

The dilutive effect of common stock options or restricted awards calculation for the six months ended June 30, 2013 and 2012 excludes stock options, stock appreciation rights and restricted stock awards covering an aggregate of 693,309 and 681,145 shares, respectively, because the exercise prices were greater than the average market price during these periods.