Earnings Per Share

9 Months Ended

Sep. 30, 2016

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,
	2016		2015		2016		2015
	(in thousands, except share and per share amounts)
Basic EPS:
Net income available to common shareholders - basic	$	17,896	$	17,940	$	58,792	$	47,389
Basic weighted average common shares		19,121,947		18,968,718		19,092,298		18,911,675
Basic earnings per common share	$	0.94	$	0.95	$	3.08	$	2.51
Diluted EPS:
Net income available to common shareholders - diluted	$	17,896	$	17,940	$	58,792	$	47,389
Diluted weighted average common shares:
Weighted average common shares		19,121,947		18,968,718		19,092,298		18,911,675
Stock options and performance shares		68,244		127,541		94,100		176,465
Diluted weighted average common shares		19,190,191		19,096,259		19,186,398		19,088,140
Diluted earnings per common share	$	0.93	$	0.94	$	3.06	$	2.48