Quarterly report pursuant to Section 13 or 15(d)

Earnings per Share

v2.4.0.8
Earnings per Share
 6 Months Ended
Jun. 30, 2014
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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

June 30,

 

June 30,

 

 

2014

 

2013

 

2014

 

2013

Basic earnings per common share

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$
14,593 

 

$
5,909 

 

$
16,168 

 

$
2,505 

Less income allocated to participating securities

 

 
221 

 

 
88 

 

 
242 

 

 
34 

Net income allocated to common shareholders

 

$
14,372 

 

$
5,821 

 

$
15,926 

 

$
2,471 

Weighted average common shares outstanding

 

 
22,174,256 

 

 
22,038,161 

 

 
22,138,908 

 

 
22,004,793 

 

 

$
0.65 

 

$
0.26 

 

$
0.72 

 

$
0.11 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share assuming dilution

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$
14,593 

 

$
5,909 

 

$
16,168 

 

$
2,505 

Less income allocated to participating securities

 

 
221 

 

 
88 

 

 
242 

 

 
34 

Net income allocated to common shareholders

 

$
14,372 

 

$
5,821 

 

$
15,926 

 

$
2,471 

Weighted average common shares outstanding

 

 
22,174,256 

 

 
22,038,161 

 

 
22,138,908 

 

 
22,004,793 

Incremental shares applicable to stock based compensation

 

 
19,958 

 

 
25,892 

 

 
19,742 

 

 
45,203 

Weighted average common shares assuming dilution

 

 
22,194,214 

 

 
22,064,053 

 

 
22,158,650 

 

 
22,049,996 

 

 

$
0.64 

 

$
0.26 

 

$
0.71 

 

$
0.11