Earnings Per Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Earnings per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):

	Three months ended March 31,
	2014		2013
Distributed earnings allocated to  common stock	$	6,224	$	5,748
Undistributed earnings allocated to common stock	7,438		2,175
Net earnings allocated to common shareholders	$	13,662	$	7,923
Average shares outstanding	15,631		15,473
Effect of dilutive securities:
Warrant outstanding	62		55
Employee stock awards	103		99
Shares for diluted earnings per share	15,796		15,627
Basic earnings per share	$	0.87	$	0.51
Diluted earnings per share	$	0.86	$	0.51

Options to purchase approximately 10,000 shares of common stock at an exercise price of $40.88 per share were outstanding during the first quarter of 2013 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.  During the first quarter of 2014, there were no anti-dilutive options outstanding.