Schedule of earnings per share reconciliation |
The following table illustrates the reconciliation of weighted average shares used for earnings per common share computations for the three and nine months ended September 30, 2018 and 2017: | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2018 | | 2017 | | 2018 | | 2017 | | (Dollars in thousands) | Net income: | | | | | | | | Net income | $ | 15,504 |
| | $ | 10,624 |
| | $ | 36,448 |
| | $ | 31,768 |
| Less: Dividends and undistributed earnings allocated to participating securities | (48 | ) | | (64 | ) | | (252 | ) | | (228 | ) | Net income allocated to common shareholders | $ | 15,456 |
| | $ | 10,560 |
| | $ | 36,196 |
| | $ | 31,540 |
| Basic: | | | | | | | | Weighted average common shares outstanding | 36,839,615 |
| | 29,929,721 |
| | 34,744,788 |
| | 29,940,276 |
| Less: Restricted stock awards | (67,669 | ) | | (146,425 | ) | | (94,340 | ) | | (192,186 | ) | Total basic weighted average common shares outstanding | 36,771,946 |
| | 29,783,296 |
| | 34,650,448 |
| | 29,748,090 |
| Diluted: | | | | | | | | Basic weighted average common shares outstanding | 36,771,946 |
| | 29,783,296 |
| | 34,650,448 |
| | 29,748,090 |
| Effect of potentially dilutive common shares (1) | 191,298 |
| | 107,414 |
| | 170,154 |
| | 86,004 |
| Total diluted weighted average common shares outstanding | 36,963,244 |
| | 29,890,710 |
| | 34,820,602 |
| | 29,834,094 |
|
| | (1) | Represents the effect of the assumed exercise of stock options and vesting of restricted stock units. |
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Schedule of dividends activity |
The following table summarizes the dividend activity for the nine months ended September 30, 2018 and calendar year 2017. | | | | | | | | | Declared | | Cash Dividend per Share | | Record Date | | Paid Date | | January 25, 2017 | | $0.12 | | February 9, 2017 | | February 23, 2017 | | April 25, 2017 | | $0.13 | | May 10, 2017 | | May 24, 2017 | | July 25, 2017 | | $0.13 | | August 10, 2017 | | August 24, 2017 | | October 25, 2017 | | $0.13 | | November 8, 2017 | | November 22, 2017 | | October 25, 2017 | | $0.10 | | November 8, 2017 | | November 22, 2017 | * | January 24, 2018 | | $0.15 | | February 7, 2018 | | February 21, 2018 | | April 25, 2018 | | $0.15 | | May 10, 2018 | | May 24, 2018 | | July 24, 2018 | | $0.15 | | August 9, 2018 | | August 23, 2018 | |
* Denotes a special dividend.
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Schedule of repurchased shares |
The following table provides total repurchased shares for the periods indicated: | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2018 | | 2017 | | 2018 | | 2017 | Repurchased shares to pay withholding taxes (1) | 368 |
| | 344 |
| | 53,188 |
| | 27,711 |
| Stock repurchase to pay withholding taxes average share price | $ | 36.34 |
| | $ | 25.80 |
| | $ | 31.99 |
| | $ | 24.61 |
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(1) During the nine months ended September 30, 2018, the Company repurchased 26,741 shares related to the withholding taxes due on the accelerated vesting of the restricted stock units of Puget Sound which were converted to Heritage common stock shares with an average share price of $31.80 under the terms of the merger. See Note (2) Business Combinations. There were no shares repurchased as a result of the accelerated vesting of the restricted stock awards of Premier.
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