Net Income Per Share

9 Months Ended

Sep. 30, 2012

Net Income Per Share [Abstract]

Net Income Per Share

6. Net Income Per Share

The following table summarizes the Company’s net income per share:

(Amounts, except earnings per share, in thousands)
	Three Months Ended September 30, 2012		Three Months Ended September 30, 2011
Net income	$	3,934	$	3,964
Weighted-average common shares outstanding		14,362		14,490
Basic earnings per share	$	0.27	$	0.27
Weighted-average common shares outstanding		14,362		14,490
Common stock equivalents due to effect of stock options		128		100
Total weighted-average common shares and equivalents		14,490		14,590
Diluted earnings per share	$	0.27	$	0.27
	Nine Months Ended September 30, 2012		Nine Months Ended September 30, 2011
Net income	$	11,400	$	11,909
Weighted-average common shares outstanding		14,329		14,456
Basic earnings per share	$	0.80	$	0.82
Weighted-average common shares outstanding		14,329		14,456
Common stock equivalents due to effect of stock options		129		111
Total weighted-average common shares and equivalents		14,458		14,567
Diluted earnings per share	$	0.79	$	0.82

The shares controlled by the Company’s Employee Stock Ownership Plan (ESOP) of 329,656 and 393,959 at September 30, 2012 and September 30, 2011, respectively, are not considered in the weighted average shares outstanding until the shares are committed for allocation to an employee’s individual account.

At September 30, 2012 all outstanding options to purchase shares were included in the computation of diluted earnings per share because the options’ exercise price was less than the average market price of the common shares.

Options to purchases 84,816 shares at $12.80 per diluted share expiring November 2013, 92,892 shares at $12.08 per diluted share expiring November 2014 and 150,996 shares at $12.42 per diluted share expiring November 2015 were outstanding as of June 30, 2011 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.