Earnings per Share

3 Months Ended

Mar. 31, 2016

Earnings Per Share, Basic and Diluted [Abstract]

Earnings per Share

Earnings per Share

The Corporation uses the two-class method to calculate earnings per share as the unvested restricted stock issued under the Corporation's equity incentive plans are participating shares with nonforfeitable rights to dividends. Under the two-class method, earnings per common share are computed by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding for the period. In applying the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the number of weighted average shares outstanding during the period.

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended   March 31,
(Dollars and shares in thousands, except per share data)	2016			2015
Numerator:
Net income	$	7,289		$	6,116
Net income allocated to unvested restricted stock	(59		)	(46		)
Net income allocated to common shares	$	7,230		$	6,070
Denominator:
Denominator for basic earnings per share—weighted-average shares outstanding	19,402			19,776
Effect of dilutive securities—employee stock options	31			24
Denominator for diluted earnings per share—adjusted weighted-average shares outstanding	19,433			19,800
Basic earnings per share	$	0.37		$	0.31
Diluted earnings per share	$	0.37		$	0.31
Average anti-dilutive options and awards excluded from computation of diluted earnings per share	588			632