EX-11 2 ex11.htm EXHIBIT 11

 

Exhibt 11

 

Statement of Computation of Per Share Earnings

 

We compute earnings per share using the two-class method in accordance with Accounting Standards Codification Topic No. 260, “ Earnings Per Share.” The two-class method is an allocation of earnings between the holders of common stock and a company’s participating security holders. Our outstanding non-vested shares of restricted stock contain non- forfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. We had no other participating securities at September 30, 2016 or 2015.

 

Contingently issuable shares associated with outstanding service-based restricted stock units were not included in the earnings per share calculations for the three-month and six-month periods ended September 30, 2016 and 2015 as the vesting conditions had not been satisfied.

 

The composition of basic and diluted earnings per share were as follows:

 

(Dollars in thousands, except per share amounts)

 

   

For the three months ended September 30:

    

For the nine months ended September 30:

  
   

2016

    

2015

    

2016

    

2015

  

Numerator:

                                

Net income

   $ 12,868     $ 4,850     $ 37,661     $ 16,774  

Less: distributed earnings allocated to non-vested stock

     (8 )     (15 )     (32 )     (52 )

Less: undistributed earnings allocated to non-vested restricted stock

     (35 )     (12 )     (131 )     (57 )

Numerator for basic earnings per share

   $ 12,825     $ 4,823     $ 37,498     $ 16,665  

Effect of dilutive securities:

                                

Add: undistributed earnings allocated to non-vested restricted stock

     35       12       131       57  

Less: undistributed earnings reallocated to non-vested restricted stock

     (35 )     (12 )     (131 )     (61 )

Numerator for diluted earnings per share

   $ 12,825     $ 4,823     $ 37,498     $ 16,661  

Denominator:

                                

Weighted average shares outstanding – basic

     43,570,734       43,460,449       43,524,729       43,418,243  

Effect of dilutive securities:

                                

Stock options and other awards

     2,263       837       4,694       6,180  

Weighted average shares outstanding – diluted

     43,572,997       43,461,286       43,529,423       43,424,423  
                                 

Basic earnings per share

   $ 0.29     $ 0.11     $ 0.86     $ 0.38  

Diluted earnings per share

   $ 0.29     $ 0.11     $ 0.86     $ 0.38