Earnings Per Share

9 Months Ended

Sep. 30, 2019

Note 3. Earnings Per Share

The Company computes earnings per share (“EPS”) in accordance with 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 net income 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 were exercised or restricted stock becomes vested.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
	(in thousands, except share and per share amounts)
Basic EPS:
Net income	$	21,386	$	19,701	$	58,676	$	52,826
Basic weighted average common shares		19,256,069		19,216,545		19,243,689		19,204,196
Basic earnings per common share	$	1.11	$	1.03	$	3.05	$	2.75
Diluted EPS:
Net income	$	21,386	$	19,701	$	58,676	$	52,826
Diluted weighted average common shares:
Weighted average common shares		19,256,069		19,216,545		19,243,689		19,204,196
Stock options and restricted stock		46,482		56,439		76,510		76,840
Diluted weighted average common shares		19,302,551		19,272,984		19,320,199		19,281,036
Diluted earnings per common share	$	1.11	$	1.02	$	3.04	$	2.74