Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.10.0.1
Earnings Per Share
 9 Months Ended
Sep. 30, 2018
Earnings Per Share  
Earnings (Loss) per Share

12.Earnings per Share

 

Basic earnings per share of common stock is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share of common stock is computed by dividing net income by the weighted average number of common shares, using the two-class method.  As the Company has granted restricted stock units (“RSUs”) that both participate in dividend equivalents and do not participate in dividend equivalents, the Company has calculated earnings per share pursuant to the two-class method, which is an earnings allocation formula that determines earnings per share for common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings (distributed and undistributed) are allocated to common shares and participating securities based on their respective rights to receive dividends.  Diluted net earnings per share is calculated by dividing net income attributable to common stockholders as adjusted for the effect of dilutive non-participating securities, by the weighted average number of common stock and dilutive common stock outstanding during the period.  Potential common shares in the diluted net earnings per share computation are excluded to the extent that they would be anti-dilutive. 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

September 30,

 

September 30,

 

 

2018

 

2017

 

2018

 

2017

Basic earnings per common share

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

9,921

 

$

9,327

 

$

29,209

 

$

20,796

Less income allocated to participating securities

 

 

131

 

 

117

 

 

390

 

 

268

Net income allocated to common shareholders

 

$

9,790

 

$

9,210

 

$

28,819

 

$

20,528

Weighted average common shares outstanding

 

 

22,700,991

 

 

22,590,897

 

 

22,675,450

 

 

22,571,560

 

 

$

0.43

 

$

0.41

 

$

1.27

 

$

0.91

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share assuming dilution

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

9,921

 

$

9,327

 

$

29,209

 

$

20,796

Less income allocated to participating securities

 

 

131

 

 

117

 

 

390

 

 

268

Net income allocated to common shareholders

 

$

9,790

 

$

9,210

 

$

28,819

 

$

20,528

Weighted average common shares outstanding

 

 

22,700,991

 

 

22,590,897

 

 

22,675,450

 

 

22,571,560

Incremental shares applicable to non-participating RSUs

 

 

25,526

 

 

14,024

 

 

21,809

 

 

10,942

Weighted average common shares assuming dilution

 

 

22,726,517

 

 

22,604,921

 

 

22,697,259

 

 

22,582,502

 

 

$

0.43

 

$

0.40

 

$

1.26

 

$

0.90