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Earnings Per Share
3 Months Ended
Mar. 31, 2018
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
 
Earnings per share in the table below, for the three month periods ended March 31, 2018 and 2017 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)
3/31/2018
 
3/31/2017
Basic
 

 
 

Net income available to common shareholders
$
20,436

 
$
15,717

Less: Income attributable to unvested stock-based compensation awards
(347
)
 
(261
)
Net earnings allocated to common shareholders
20,089

 
15,456

 
 
 
 
Weighted average shares outstanding, including unvested stock-based compensation awards
15,271,930

 
15,151,521

 
 
 
 
Less: unvested stock-based compensation awards
(258,452
)
 
(250,583
)
Weighted average shares outstanding - Basic
15,013,478

 
14,900,938

 
 
 
 
Diluted
 

 
 

Net earnings allocated to common shareholders
20,089

 
15,456

 
 
 
 
Weighted average shares outstanding - Basic
15,013,478

 
14,900,938

 
 
 
 
Plus:  incremental shares from assumed conversion of stock--based compensation awards
99,040

 
141,676

 
 
 
 
Weighted average shares outstanding - Diluted
15,112,518

 
15,042,614

 
 
 
 
Basic EPS
1.34

 
1.04

Diluted EPS
1.33

 
1.03


Stock-based compensation awards representing 20,242 and 48,515 of common shares during the three months ended March 31, 2018 and 2017, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive.