Earnings per Share

12 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Earnings per Share

Earnings per Share

The basic and diluted earnings per share (“EPS”), and the basic and diluted weighted average shares outstanding for all periods as presented in the accompanying Consolidated Statements of Income are shown below :

	For the year ended December 31,
	(In thousands, except per share amounts)
Earnings per share:	2013		2012		2011
Basic earnings per common share	$	1.58	$	1.91	$	1.89
Diluted earnings per common share	$	1.53	$	1.80	$	1.75
Basic weighted average shares outstanding	37,588		36,948		37,742
Diluted weighted average shares outstanding	38,642		39,100		40,889

Basic EPS is equal to net income divided by the weighted average number of shares of common stock outstanding for the period. Diluted EPS takes into consideration common stock equivalents which for the Company consist of stock options and restricted stock. With respect to stock options, diluted EPS is calculated as if the Company had additional common stock outstanding from the beginning of the year or the date of grant or issuance, net of assumed repurchased shares using the treasury stock method. Diluted EPS is equal to net income divided by the combined sum of the weighted average number of shares outstanding and common stock equivalents. At December 31, 2013, 2012, and 2011 there were 315,000, 90,000, and 90,000 potentially issuable shares with respect to stock options which could dilute EPS in the future but which were excluded from the diluted EPS calculation because presently their effect is anti-dilutive. Diluted shares outstanding are determined as follows for each years ending December 31, 2013, 2012, and 2011:

	For the year ended December 31,
	(in thousands)
	2013	2012	2011
Basic weighted average shares outstanding	37,588	36,948	37,742
Incremental shares for common stock equivalents	1,054	2,152	3,147
Diluted shares outstanding	38,642	39,100	40,889