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Earnings Per Share
 6 Months Ended
Jun. 30, 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 June 30,
 
Six months ended June 30,
 
2014
 
2013
 
2014
 
2013
 
Distributed earnings allocated to  common stock
$
6,178

 
$
5,751

 
$
12,356

 
$
11,502

 
Undistributed earnings allocated to common stock
6,448

 
7,139

 
13,931

 
9,303

 
Net earnings allocated to common shareholders
$
12,626

 
$
12,890

 
$
26,287

 
$
20,805

 
 
 
 
 
 
 
 
 
 
Average shares outstanding
15,556

 
15,582

 
15,583

 
15,521

 
Effect of dilutive securities:
 

 
 

 
 
 
 
 
Warrant outstanding
62

 
62

 
62

 
59

 
Employee stock awards
88

 
108

 
93

 
107

 
Shares for diluted earnings per share
15,706

 
15,752

 
15,738

 
15,687

 
 
 
 
 
 
 
 
 
 
Basic earnings per share
$
0.81

 
$
0.83

 
$
1.69

 
$
1.34

 
Diluted earnings per share
$
0.80

 
$
0.82

 
$
1.67

 
$
1.33

 


Options to purchase approximately 57,500 shares of common stock at an exercise price between $39.34 and $40.88 per share were outstanding during the second 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 second quarter of 2014, there were no anti-dilutive options outstanding.