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Earnings Per Share
 9 Months Ended
Sep. 30, 2013
Earnings Per Share [Abstract]  
Earnings Per Share

NOTE 6: EARNINGS PER SHARE

 

The following table presents reconciliations of the calculations of basic and diluted earnings per share for the three and nine months ended September 30, 2013 and 2012:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

Nine Months Ended

 

September 30,

September 30,

(In thousands except per share data)

2013

2012

2013

2012

Net income

$
3,674 

$
4,005 

$
11,308 

$
11,354 

Weighted average common shares outstanding

 
6,309 

 
6,269 

 
6,298 

 
6,252 

Dilutive effect of common stock equivalents

 
15 

 
11 

 
13 

 
12 

Weighted average common and common equivalent

 

 

 

 

 

 

 

 

shares outstanding

 
6,324 

 
6,280 

 
6,311 

 
6,264 

Basic earnings per common share

$
0.58 

$
0.64 

$
1.80 

$
1.82 

Diluted earnings per common share

$
0.58 

$
0.64 

$
1.79 

$
1.81 

 

Basic earnings per common share were computed by dividing net income by the weighted average number of shares of common stock outstanding for the three and nine months ended September 30, 2013 and 2012. 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 the three and nine months ended September 30, 2013 or 2012.