EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2014

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 10. EARNINGS PER SHARE

Earnings per share have been computed based on the following (average diluted shares outstanding are calculated using the treasury stock method):

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per share data)	2014		2013		2014		2013
Net income	$	11,464	$	12,037	$	10,358	$	22,502
Average number of common shares issued	26,525		26,525		26,525		26,525
Less: average number of treasury shares	1,417		1,427		1,421		1,344
Less: average number of unvested stock award shares	393		319		397		318
Average number of basic common shares outstanding	24,715		24,779		24,707		24,863
Plus: dilutive effect of unvested stock award shares	44		59		55		68
Plus: dilutive effect of stock options outstanding	50		118		59		118
Average number of diluted common shares outstanding	24,809		24,956		24,821		25,049
Earnings per share:
Basic	$	0.46	$	0.49	$	0.42	$	0.91
Diluted	$	0.46	$	0.48	$	0.42	$	0.90

For the six months ended June 30, 2014, 342 thousand shares of restricted stock and 305 thousand options were anti-dilutive and therefore excluded from the earnings per share calculations.  For the six months ended June 30, 2013, 252 thousand shares of restricted stock and 365 thousand options were anti-dilutive and therefore excluded from the earnings per share calculations.