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Earnings Per Share
 12 Months Ended
Dec. 31, 2012
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 13: EARNINGS PER SHARE

 

The following table presents reconciliations of the calculations of basic and diluted earnings per share for the years ended December 31, 2012, 2011 and 2010:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands except per share data)

2012

2011

2010

Net income

$
15,194 

$
14,620 

$
15,461 

Weighted average common shares outstanding

 
6,259 

 
6,212 

 
6,167 

Dilutive effect of common stock equivalents

 
12 

 
12 

 
4 

Weighted average common and common equivalent

 

 

 

 

 

 

shares outstanding

 
6,271 

 
6,224 

 
6,171 

Basic earnings per common share

$
2.43 

$
2.35 

$
2.51 

Diluted earnings per common share

$
2.42 

$
2.35 

$
2.51 

 

Basic earnings per common share were computed by dividing net income by the weighted average number of shares of common stock outstanding during the year. The computation of diluted earnings per share excludes the effect of assuming the exercise of certain outstanding stock options because the effect would be anti-dilutive. There were no anti-dilutive options outstanding for 2012. The average anti-dilutive options outstanding for 2011 and 2010 were 7,500 and 44,478, respectively.