| Computation of Basic and Diluted Earnings Per Share |
Basic and
diluted earnings per share have been computed based on the
following:
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Years Ended
December 31, |
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2013 |
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2012 |
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2011 |
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(Dollars in thousands,
except per share amounts) |
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Net income available to
common stockholders
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$ |
15,429 |
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$ |
12,426 |
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$ |
11,970 |
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Average number of common
shares outstanding
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21,507,759 |
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21,470,945 |
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21,603,084 |
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Effect of unvested stock
awards
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129,585 |
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158,723 |
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202,059 |
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Basic weighted average
shares outstanding
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21,637,344 |
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21,629,668 |
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21,805,143 |
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Effect of dilutive stock
options
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350,465 |
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228,713 |
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126,720 |
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Diluted weighted average
shares outstanding
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21,987,809 |
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21,858,381 |
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21,931,863 |
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Earnings per
share:
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Basic
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$ |
0.71 |
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$ |
0.57 |
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$ |
0.55 |
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Diluted
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$ |
0.70 |
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$ |
0.57 |
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$ |
0.55 |
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| Components of Accumulated Other Comprehensive Income, Included in Stockholders' Equity |
The components
of accumulated other comprehensive income, included in
stockholders’ equity, are as follows:
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December 31, |
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2013 |
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2012 |
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(In
thousands) |
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Securities available for
sale:
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Net unrealized gain on
securities available for sale
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$ |
7,416 |
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$ |
9,063 |
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Tax effect
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(2,969 |
) |
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(3,615 |
) |
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Net-of-tax
amount
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4,447 |
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5,448 |
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Defined benefit
plans:
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Supplemental director
retirement plan:
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Unrecognized net actuarial
loss
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(104 |
) |
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(302 |
) |
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Unrecognized prior service
cost
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(62 |
) |
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(90 |
) |
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Total
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(166 |
) |
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(392 |
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Tax effect
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58 |
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137 |
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Net-of-tax
amount
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(108 |
) |
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(255 |
) |
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Long-term health care
plan:
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Unrecognized net actuarial
loss
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(112 |
) |
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(161 |
) |
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Unrecognized prior service
cost
|
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|
(249 |
) |
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(266 |
) |
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Total
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(361 |
) |
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(427 |
) |
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Tax effect
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126 |
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|
149 |
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Net-of-tax
amount
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(235 |
) |
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(278 |
) |
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$ |
4,104 |
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$ |
4,915 |
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