Earnings Per Share

9 Months Ended

Sep. 30, 2015

Note 3. Earnings Per Share

The Company computes earnings per share (“EPS”) in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share. The Company has no participating unvested common shares which contain nonforfeitable rights to dividends and applies the treasury stock method in computing basic and diluted earnings per share.

Basic EPS is calculated by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the period. The diluted EPS calculation includes potential common shares assumed issued under the treasury stock method, which reflects the potential dilution that would occur if any outstanding options or warrants were exercised or restricted stock becomes vested, and includes the “if converted” method for participating securities if the effect is dilutive.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2015		2014		2015		2014
	(in thousands, except share and per share amounts)
Basic EPS:
Net income available to common shareholders - basic	$	17,940	$	13,479	$	47,389	$	36,801

Basic weighted average common shares		18,968,718		18,676,033		18,911,675		18,603,227
Basic earnings per common share	$	0.95	$	0.72	$	2.51	$	1.98

Diluted EPS:
Net income available to common shareholders - diluted	$	17,940	$	13,479	$	47,389	$	36,801

Diluted weighted average common shares:
Weighted average common shares		18,968,718		18,676,033		18,911,675		18,603,227
Stock options and performance shares		127,541		253,744		176,465		302,653

Diluted weighted average common shares		19,096,259		18,929,777		19,088,140		18,905,880

Diluted earnings per common share	$	0.94	$	0.71	$	2.48	$	1.95