Community Bank System Just Filed Its Quarterly Report: NOTE I:  EARNINGS PE...


NOTE I:  EARNINGS PER SHARE

Basic earnings per share are computed based on the weighted-average of the common shares outstanding for the period.  Diluted earnings per share are based on the weighted-average of the shares outstanding adjusted for the dilutive effect of restricted stock and the assumed exercise of stock options durin g the year.  The dilutive effect of options is calculated using the treasury stock method of accounting.  The treasury stock method determines the number of common shares that would be outstanding if all the dilutive options (those where the average market price is greater than the exercise price) were exercised and the proceeds were used to repurchase common shares in the open market at the average market price for the applicable time period.  There were approximately 0.04 million weighted-average anti-dilutive stock options outstanding for the three months ended March 31, 2014, compared to approximately 0.5 million weighted-average anti-dilutive stock options outstanding for the three months March 31, 2013 that were not included in the computation below.
 
The following is a reconciliation of basic to diluted earnings per share for the three months ended March 31, 2014 and 2013.

 
Three Months Ended
 
March 31,
(000's omitted, except per share data)
2014
2013
Net income
$22,173
$20,241
Income attributable to unvested stock-based compensation awards
(99)
(79)
Income available to common shareholders
22,074
20,162
     
Weighted-average common shares outstanding – basic
40,458
39,703
Basic earnings per share
$0.55
$0.51
     
Net income
$22,173
$20,241
Income attributable to unvested stock-based compensation awards
(99)
(79)
Income available to common shareholders
22,074
20,162
     
Weighted-average common shares outstanding – basic
40,458
39,703
Assumed exercise of stock options
512
463
Weighted-average common shares outstanding – diluted
40,970
40,166
Diluted earnings per share
$0.54
$0.50

Stock Repurchase Program
At its December 2013 meeting, the Board approved a new repurchase program authorizing the repurchase of up to 2,000,000 shares of the Company’s common stock, in accordance with securities laws and regulations, through December 31, 2014.  Any repurchased shares will be used for general corporate purposes, including those related to stock plan activities.  The timing and extent of repurchases will depend on market conditions and other corporate considerations as determined at the Company’s discretion.
There were no open market treasury stock purchases in 2013 or the first three months of 2014.

The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.

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Other recent filings from the company include the following:

Community Bank System director was just granted 135 restricted shares - Oct. 24, 2014
Community Bank System director just declared owning 244,211 shares of Community Bank System - Oct. 24, 2014
Community Bank: Results Of Operations And Financial Condition - Oct. 20, 2014
Quarterly report filed by institutional managers, Holdings - Oct. 8, 2014
Community Bank System director was just granted 182 restricted shares - Sept. 26, 2014

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