Net Income Per Share

6 Months Ended

Jun. 30, 2014

Earnings 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		Three Months
	Ended		Ended
	June 30, 2014		June 30, 2013
Net income	$	4,700	$	3,876
Weighted-average common shares outstanding		17,579		17,353
Basic earnings per share	$	0.27	$	0.22
Weighted-average common shares outstanding		17,579		17,353
Common stock equivalents due to effect of stock options		195		169
Total weighted-average common shares and equivalents		17,774		17,522
Diluted earnings per share	$	0.26	$	0.22
	Six Months		Six Months
	Ended		Ended
	June 30, 2014		June 30, 2013
Net income	$	9,040	$	7,590
Weighted-average common shares outstanding		17,558		17,333
Basic earnings per share	$	0.51	$	0.44
Weighted-average common shares outstanding		17,558		17,333
Common stock equivalents due to effect of stock options		209		161
Total weighted-average common shares and equivalents		17,767		17,494
Diluted earnings per share	$	0.51	$	0.43

The shares controlled by the Company’s Employee Stock Ownership Plan (ESOP) of 200,569 and 296,095 at June 30, 2014 and June 30, 2013, respectively, are not considered in the weighted average shares outstanding until the shares are committed for allocation to an employee’s individual account.

Options to purchase 32,353 shares at $10.35 per diluted share expiring November 2020, 51,707 shares at $11.00 per diluted share expiring November 2021, 120,556 shares at $10.50 per diluted share expiring November 2022 and 258,354 shares at $13.36 per diluted share expiring November 2023 were outstanding as of June 30, 2014, but were not included in the computation of diluted earnings per share because the options’ exercise price combined with its fair value was greater than the average market price of the common shares.

Options to purchase 65,386 shares at $10.35 per diluted share expiring November 2020, 78,424 shares at $11.00 per diluted share expiring November 2021 and 190,335 shares at $10.50 per diluted share expiring November 2022 were outstanding as of June 30, 2013, but were not included in the computation of diluted earnings per share because the options’ exercise price combined with its fair value was greater than the average market price of the common shares.