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Earnings Per Share
 12 Months Ended
Dec. 31, 2013
Earnings Per Share [Abstract]  
Earnings Per Share

 

NOTE 14: EARNINGS PER SHARE

 

The following table presents reconciliations of the calculations of basic and diluted earnings per share for the years ended December 31, 2013, 2012 and 2011: 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended

 

December 31,

(In thousands except per share data)

2013

2012

2011

Net income

$
15,131 

$
15,194 

$
14,620 

Weighted average common shares outstanding

 
6,303 

 
6,259 

 
6,212 

Dilutive effect of common stock equivalents

 
13 

 
12 

 
12 

Weighted average common and common equivalent

 

 

 

 

 

 

shares outstanding

 
6,316 

 
6,271 

 
6,224 

Basic earnings per common share

$
2.40 

$
2.43 

$
2.35 

Diluted earnings per common share

$
2.40 

$
2.42 

$
2.35 

 

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 2013 or 2012. The average anti-dilutive options outstanding for 2011 were 7,500.