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

 

Note Twenty-Three – Earnings per Share

The following table sets forth the computation of basic and diluted earnings per share:

 

 

 

 

 

 

 

 

For the Year Ended December 31,

(In thousands, except per share data)

 

2012

 

2011

 

2010

 

 

 

 

 

 

 

Distributed earnings allocated to  common stock

$
20,603 

$
20,102 

$
20,956 

Undistributed earnings allocated to common stock

 
18,034 

 
20,280 

 
17,767 

Net earnings allocated to common shareholders

$
38,637 

$
40,382 

$
38,723 

 

 

 

 

 

 

 

Average shares outstanding

 
14,714 

 
15,055 

 
15,589 

 

 

 

 

 

 

 

Effect of dilutive securities:

 

 

 

 

 

 

    Employee stock options

 
82 

 
75 

 
62 

 

 

 

 

 

 

 

Shares for diluted earnings per share

 
14,796 

 
15,130 

 
15,651 

 

 

 

 

 

 

 

Basic earnings per share

$
2.63 

$
2.68 

$
2.48 

Diluted earnings per share

$
2.61 

$
2.67 

$
2.47 

 

 

Options to purchase approximately  124,000, 222,000 and 112,500 shares of common stock at an exercise price between $35.09 and $40.88,  $32.09 and $40.88, and  $33.90 and $40.88 per share were outstanding during 2012, 2011, and 2010, respectively, but were not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares and therefore, the effect would have been anti-dilutive.