| Earnings Per Share |
8. Earnings Per Share Earnings
per share in the table below, for the three and nine month periods ended September 30, 2016 and 2015 are calculated under the
two-class method as required by ASC Topic 260, Earnings Per Share. ASC 260 provides that unvested share-based payment awards that
contain nonforfeitable rights to dividends are participating securities and shall be included in the computation of earnings per
share pursuant to the two-class method. The Company has issued restricted stock awards that contain such rights and are therefore
considered participating securities. Basic earnings per common share are calculated by dividing net income allocable to common
stock by the weighted average number of common shares, excluding participating securities, during the period. Diluted earnings
per common share include the dilutive effect of participating securities.
| |
|
Three Months Ended |
|
| (in thousands, except share and per share data) |
|
09/30/2016 |
|
|
09/30/2015 |
|
| Basic |
|
|
|
|
|
|
|
|
| Net income available to common shareholders |
|
$ |
14,864 |
|
|
$ |
14,497 |
|
| Less: Income attributable to unvested stock-based compensation awards |
|
|
(215 |
) |
|
|
(189 |
) |
| Net earnings allocated to common shareholders |
|
|
14,649 |
|
|
|
14,308 |
|
| |
|
|
|
|
|
|
|
|
| Weighted average shares outstanding, including unvested stock-based compensation awards |
|
|
15,047,113 |
|
|
|
14,934,287 |
|
| |
|
|
|
|
|
|
|
|
| Less: unvested stock-based compensation awards |
|
|
(217,891 |
) |
|
|
(194,372 |
) |
| Weighted average shares outstanding - Basic |
|
|
14,829,222 |
|
|
|
14,739,915 |
|
| |
|
|
|
|
|
|
|
|
| Diluted |
|
|
|
|
|
|
|
|
| Net earnings allocated to common shareholders |
|
|
14,649 |
|
|
|
14,308 |
|
| |
|
|
|
|
|
|
|
|
| Weighted average shares outstanding - Basic |
|
|
14,829,222 |
|
|
|
14,739,915 |
|
| |
|
|
|
|
|
|
|
|
| Plus: incremental shares from assumed conversion of stock--based compensation awards |
|
|
204,309 |
|
|
|
126,820 |
|
| |
|
|
|
|
|
|
|
|
| Weighted average shares outstanding - Diluted |
|
|
15,033,531 |
|
|
|
14,866,735 |
|
| |
|
|
|
|
|
|
|
|
| Basic EPS |
|
|
0.99 |
|
|
|
0.97 |
|
| Diluted EPS |
|
|
0.97 |
|
|
|
0.96 |
|
| Stock-based compensation awards representing 0 and 78,255 of common shares during the three months ended September 30, 2016 and 2015, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive. |
| |
|
Nine Months Ended |
|
| (in thousands, except share and per share data) |
|
09/30/2016 |
|
|
09/30/2015 |
|
| Basic |
|
|
|
|
|
|
|
|
| Net income available to common shareholders |
|
$ |
43,615 |
|
|
$ |
44,567 |
|
| Less: Income attributable to unvested stock-based compensation awards |
|
|
(668 |
) |
|
|
(609 |
) |
| Net earnings allocated to common shareholders |
|
|
42,947 |
|
|
|
43,958 |
|
| |
|
|
|
|
|
|
|
|
| Weighted average shares outstanding, including unvested stock-based compensation awards |
|
|
15,025,776 |
|
|
|
14,937,988 |
|
| |
|
|
|
|
|
|
|
|
| Less: unvested stock-based compensation awards |
|
|
(229,693 |
) |
|
|
(206,886 |
) |
| Weighted average shares outstanding - Basic |
|
|
14,796,083 |
|
|
|
14,731,102 |
|
| |
|
|
|
|
|
|
|
|
| Diluted |
|
|
|
|
|
|
|
|
| Net earnings allocated to common shareholders |
|
|
42,947 |
|
|
|
43,958 |
|
| |
|
|
|
|
|
|
|
|
| Weighted average shares outstanding - Basic |
|
|
14,796,083 |
|
|
|
14,731,102 |
|
| |
|
|
|
|
|
|
|
|
| Plus: Incremental shares from assumed conversion of stock-based compensation |
|
|
175,518 |
|
|
|
129,874 |
|
| |
|
|
|
|
|
|
|
|
| Weighted average shares outstanding - Diluted |
|
|
14,971,601 |
|
|
|
14,860,976 |
|
| |
|
|
|
|
|
|
|
|
| Basic EPS |
|
|
2.90 |
|
|
|
2.98 |
|
| Diluted EPS |
|
|
2.87 |
|
|
|
2.96 |
|
| Stock-based compensation awards representing 15,994 and 241,066 of common shares during the nine months ended September 30, 2016 and 2015, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive. |
|