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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
6 Months Ended
Jun. 30, 2019
Accounting Policies [Abstract]  
Schedule of stock option plans, changes in options outstanding

For the Company’s stock option plans, changes in options outstanding during the six months ended June 30, 2019 were as follows:

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

Average

 

Aggregate

 

 

 

 

 

 

 

Average

 

 

Remaining

 

Intrinsic

 

 

 

Number of

 

 

Exercise

 

 

Contractual

 

Value

 

 

 

Options

 

 

Price

 

 

Term

 

(In thousands)

 

Balance, January 1, 2019

 

 

91,310

 

 

$

13.63

 

 

 

 

 

 

 

Exercised during 2019

 

 

(1,520

)

 

 

14.28

 

 

 

 

 

 

 

Expired during 2019

 

 

(630

)

 

 

22.57

 

 

 

 

 

 

 

Forfeited during 2019

 

 

(20,000

)

 

 

13.07

 

 

 

 

 

 

 

Balance, June 30, 2019

 

 

69,160

 

 

$

13.69

 

 

2.33 years

 

$

998

 

Vested and expected to vest

 

 

69,160

 

 

$

13.69

 

 

2.33 years

 

$

998

 

Exercisable at June 30, 2019

 

 

69,160

 

 

$

13.69

 

 

2.33 years

 

$

998

 

Schedule of changes in nonvested performance-based shares

Changes in non-vested shares dependent on performance criteria for the six months ended June 30, 2019 were as follows:

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Average

 

 

 

Number of

 

 

Grant Date

 

 

 

Shares

 

 

Fair Value

 

Balance, January 1, 2019

 

 

42,998

 

 

$

35.33

 

Granted during 2019

 

 

47,770

 

 

 

26.34

 

Balance, June 30, 2019

 

 

90,768

 

 

$

30.60

 

Schedule of changes in nonvested shares

Changes in service-based restricted stock awards/units for the six months ended June 30, 2019 were as follows:

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Average

 

 

 

Number of

 

 

Grant Date

 

 

 

Shares

 

 

Fair Value

 

Balance, January 1, 2019

 

 

366,541

 

 

$

30.64

 

Granted during 2019

 

 

223,396

 

 

 

26.51

 

Vested during 2019

 

 

(140,178

)

 

 

27.44

 

Forfeited during 2019

 

 

(3,214

)

 

 

31.35

 

Balance, June 30, 2019

 

 

446,545

 

 

$

29.98

 

Schedule of calculation of basic and diluted earnings per share The following is a reconciliation of the calculation of basic and diluted earnings per share. Basic net income per share is calculated by dividing net income available to shareholders by the weighted average shares outstanding during the reporting period. Diluted net income per share is computed similarly to that of basic net income per share, except that the denominator is increased to include the number of additional shares that would have been outstanding utilizing the Treasury Stock Method if all shares underlying potentially dilutive stock options were issued and all restricted stock, stock warrants or restricted stock units were to vest during the reporting period.

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

(Dollars in thousands, except per share data)

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income available to common shareholders

$

11,550

 

 

$

11,910

 

 

$

22,975

 

 

$

22,717

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted-average shares outstanding

 

19,447,155

 

 

 

18,930,893

 

 

 

19,399,071

 

 

 

18,770,492

 

Plus: common stock equivalents

 

121,216

 

 

 

167,945

 

 

 

129,466

 

 

 

226,487

 

Diluted weighted-average shares outstanding

 

19,568,371

 

 

 

19,098,838

 

 

 

19,528,537

 

 

 

18,996,979

 

Net income per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.59

 

 

$

0.63

 

 

$

1.18

 

 

$

1.21

 

Diluted

 

0.59

 

 

 

0.62

 

 

 

1.18

 

 

 

1.20