Earnings Per Common Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Common Share

EARNINGS PER COMMON SHARE

Basic earnings per common share for the Corporation is computed by dividing net income by the weighted average number of common shares outstanding during the period. Basic earnings per common share excludes any dilutive effect of common stock equivalents.

Diluted earnings per common share for the Corporation is computed by dividing net income by the sum of the weighted average number of common shares outstanding and the dilutive effect of common stock equivalents using the treasury stock method. Average shares of common stock for diluted net income per common share include shares to be issued upon the exercise of stock options granted under the Corporation's share-based compensation plans, restricted stock units that may be converted to stock, stock to be issued under the deferred stock compensation plan for non-employee directors and stock to be issued under the stock purchase plan for non-employee community advisory directors. For any period in which a net loss is recorded, the assumed exercise of stock options, restricted stock units that may be converted to stock and stock to be issued under the deferred stock compensation plan and the stock purchase plan would have an anti-dilutive impact on the net income per common share and thus would be excluded in the diluted earnings per common share calculation.

The following summarizes the numerator and denominator of the basic and diluted earnings per common share computations:

	Years Ended December 31,
	2013		2012		2011
	(In thousands, except per share data)
Numerator for both basic and diluted earnings per common share, net income	$	56,808	$	51,008	$	43,050
Denominator for basic earnings per common share, weighted average common shares outstanding	28,183		27,492		27,455
Weighted average common stock equivalents	169		91		51
Denominator for diluted earnings per common share	28,352		27,583		27,506
Net income per common share:
Basic	$	2.02	$	1.86	$	1.57
Diluted	2.00		1.85		1.57

The average number of exercisable employee stock option awards outstanding that were "out-of-the-money," whereby the option exercise price per share exceeded the market price per share and, therefore, were not included in the computation of diluted earnings per common share because they would have been anti-dilutive, totaled 356,328 for the year ended December 31, 2013, 614,152 for the year ended December 31, 2012 and 660,553 for the year ended December 31, 2011.