Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share

v3.3.0.814
Earnings per Share
9 Months Ended
Sep. 30, 2015
Earnings per Share  
Earnings per Share

9.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 and common stock equivalents related to the assumed exercise of stock options, using the two-class method. Stock options for which the exercise price exceeds the average fair value have an anti-dilutive effect on earnings per share and are excluded from the calculation.    

 

As restricted shares and restricted stock units both participate in dividends, in accordance with ASC 260, 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.

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Three Months Ended

 

Nine Months Ended

 

 

September 30,

 

September 30,

 

September 30,

 

September 30,

 

 

2015

 

2014

 

2015

 

2014

Basic earnings per common share

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

15,548

 

$

10,762

 

$

29,035

 

$

26,930

Less income allocated to participating securities

 

 

214

 

 

155

 

 

405

 

 

397

Net income allocated to common shareholders

 

$

15,334

 

$

10,607

 

$

28,630

 

$

26,533

Weighted average common shares outstanding

 

 

22,362,787

 

 

22,197,609

 

 

22,314,198

 

 

22,158,690

 

 

$

0.69

 

$

0.48

 

$

1.28

 

$

1.20

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share assuming dilution

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

15,548

 

$

10,762

 

$

29,035

 

$

26,930

Less income allocated to participating securities

 

 

214

 

 

155

 

 

405

 

 

397

Net income allocated to common shareholders

 

$

15,334

 

$

10,607

 

$

28,630

 

$

26,533

Weighted average common shares outstanding

 

 

22,362,787

 

 

22,197,609

 

 

22,314,198

 

 

22,158,690

Incremental shares applicable to stock based compensation

 

 

10,564

 

 

20,443

 

 

15,897

 

 

19,998

Weighted average common shares assuming dilution

 

 

22,373,351

 

 

22,218,052

 

 

22,330,095

 

 

22,178,688

 

 

$

0.68

 

$

0.47

 

$

1.27

 

$

1.19