Net Income Per Common Share

6 Months Ended

Jun. 30, 2013

Earnings Per Share [Abstract]

Net Income Per Common Share

Net Income Per Common Share

(In Thousands, Except Share Data)

Basic net income per common share is calculated by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per common share reflects the pro forma dilution of shares outstanding assuming outstanding stock options were exercised into common shares, calculated in accordance with the treasury method. Basic and diluted net income per common share calculations are as follows as of the periods presented:

	Three Months Ended
	June 30,
	2013		2012
Basic
Net income applicable to common stock	$	8,019	$	6,345
Average common shares outstanding	25,223,749		25,110,709
Net income per common share - basic	$	0.32	$	0.25
Diluted
Net income applicable to common stock	$	8,019	$	6,345
Average common shares outstanding	25,223,749		25,110,709
Effect of dilutive stock-based compensation	150,119		38,651
Average common shares outstanding - diluted	25,373,868		25,149,360
Net income per common share - diluted	$	0.32	$	0.25

	Six Months Ended
	June 30,
	2013		2012
Basic
Net income applicable to common stock	$	15,590	$	12,319
Average common shares outstanding	25,205,092		25,094,852
Net income per common share - basic	$	0.62	$	0.49
Diluted
Net income applicable to common stock	$	15,590	$	12,319
Average common shares outstanding	25,205,092		25,094,852
Effect of dilutive stock-based compensation	129,806		49,282
Average common shares outstanding - diluted	25,334,898		25,144,134
Net income per common share - diluted	$	0.62	$	0.49

Stock options that could potentially dilute basic net income per common share in the future that were not included in the computation of diluted net income per common share due to their anti-dilutive effect were as follows for the periods presented:

	Three Months Ended
	June 30,
	2013	2012
Number of shares	162,339	1,199,407
Range of exercise prices	$19.14 - $30.63	$14.96 - $30.63

	Six Months Ended
	June 30,
	2013	2012
Number of shares	388,446	1,202,559
Range of exercise prices	$19.14 - $30.63	$14.96 - $30.63