Earnings Per Common Share ("EPS")

3 Months Ended

Mar. 31, 2013

Earnings Per Common Share ("EPS") [Abstract]

Earnings Per Common Share ("EPS")

(3.) EARNINGS PER COMMON SHARE ("EPS")

The following table presents a reconciliation of the earnings and shares used in calculating basic and diluted EPS (in thousands, except per share amounts).

		Three months ended
		March 31,
		2013			2012
Net income	$	6,149		$	6,196
Less: Preferred stock dividends		368			369
Net income available to common shareholders		5,781			5,827
Less: Earnings allocated to participating securities		-			2
Net income available to common shareholders for EPS	$	5,781		$	5,825
Weighted average common shares outstanding:
Total shares issued		14,162			14,162
Unvested restricted stock awards		(80	)		(127	)
Treasury shares		(365	)		(360	)
Total basic weighted average common shares outstanding		13,717			13,675
Incremental shares from assumed:
Exercise of stock options		7			3
Vesting of restricted stock awards		43			55
Total diluted weighted average common shares outstanding		13,767			13,733
Basic earnings per common share	$	0.42		$	0.43
Diluted earnings per common share	$	0.42		$	0.42

Stock options covering 151 thousand and 318 thousand common shares were excluded from the computation of diluted EPS for the three months ended March 31, 2013 and 2012, respectively, since they were antidilutive.