Earnings Per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

Basic earnings per common share data is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Common shares outstanding include common stock and restricted stock awards where recipients have satisfied the vesting terms. Diluted earnings per common share gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and the if-converted method for convertible trust preferred securities.

The following table presents a summary of per common share data and amounts for the periods indicated.

	Three months ended March 31,
(in thousands, except per share data)	2015		2014
Net income as reported	$	9,346	$	5,848
Impact of assumed conversions
Interest on 9% convertible trust preferred securities, net of income tax	—		66
Net income available to common shareholders and assumed conversions	$	9,346	$	5,914
Weighted average common shares outstanding	19,934		19,521
Incremental shares from assumed conversions of convertible trust preferred securities	—		230
Additional dilutive common stock equivalents	223		198
Weighted average diluted common shares outstanding	$	20,157	$	19,949
Basic earnings per common share:	$	0.47	$	0.30
Diluted earnings per common share:	$	0.46	$	0.30

The calculation of diluted earnings per common share for the three months ended March 31, 2015, and 2014, excludes the impact of 0.3 million common stock equivalents, because their effect was anti-dilutive.