| Common Stock and Earnings Per Share Information |
Common Stock Dividends. The Company paid $14.6 million and $13.6 million in quarterly cash dividends during the three months ended June 30, 2018 and 2017, respectively. The Company paid a total of $28.3 million and $55.4 million in quarterly cash dividends during the six and twelve months ended June 30, 2018, respectively. The Company paid a total of $26.2 million and $51.3 million in quarterly cash dividends during the six and twelve months ended June 30, 2017, respectively. On July 19, 2018 the Board of Directors declared a quarterly cash dividend of $0.36 per share payable on September 28, 2018 to shareholders of record as of the close of business on September 14, 2018. | | | | | | | | | Basic and Diluted Earnings Per Share. The basic and diluted earnings per share are presented below (in thousands except for share data): | | Three Months Ended June 30, | | 2018 | | 2017 | Weighted average number of common shares outstanding: | | | | Basic number of common shares outstanding | 40,517,713 |
| | 40,409,030 |
| Dilutive effect of unvested performance awards | 130,086 |
| | 116,555 |
| Diluted number of common shares outstanding | 40,647,799 |
| | 40,525,585 |
| Basic net income per common share: | | | | Net income | $ | 33,295 |
| | $ | 36,066 |
| Income allocated to participating restricted stock | (124 | ) | | (142 | ) | Net income available to common shareholders | $ | 33,171 |
| | $ | 35,924 |
| Diluted net income per common share: | | | | Net income | $ | 33,295 |
| | $ | 36,066 |
| Income reallocated to participating restricted stock | (124 | ) | | (142 | ) | Net income available to common shareholders | $ | 33,171 |
| | $ | 35,924 |
| Basic net income per common share: | | | | Distributed earnings | $ | 0.36 |
| | $ | 0.335 |
| Undistributed earnings | 0.46 |
| | 0.555 |
| Basic net income per common share | $ | 0.82 |
| | $ | 0.890 |
| Diluted net income per common share: | | | | Distributed earnings | $ | 0.36 |
| | $ | 0.335 |
| Undistributed earnings | 0.46 |
| | 0.555 |
| Diluted net income per common share | $ | 0.82 |
| | $ | 0.890 |
|
| | | | | | | | | | Six Months Ended June 30, | | 2018 | | 2017 | Weighted average number of common shares outstanding: | | | | Basic number of common shares outstanding | 40,504,526 |
| | 40,398,192 |
| Dilutive effect of unvested performance awards | 113,519 |
| | 101,152 |
| Diluted number of common shares outstanding | 40,618,045 |
| | 40,499,344 |
| Basic net income per common share: | | | | Net income | $ | 26,329 |
| | $ | 32,077 |
| Income allocated to participating restricted stock | (98 | ) | | (119 | ) | Net income available to common shareholders | $ | 26,231 |
| | $ | 31,958 |
| Diluted net income per common share: | | | | Net income | $ | 26,329 |
| | $ | 32,077 |
| Income reallocated to participating restricted stock | (98 | ) | | (119 | ) | Net income available to common shareholders | $ | 26,231 |
| | $ | 31,958 |
| Basic net income per common share: | | | | Distributed earnings | $ | 0.695 |
| | $ | 0.645 |
| Undistributed earnings (losses) | (0.045 | ) | | 0.145 |
| Basic net income per common share | $ | 0.650 |
| | $ | 0.790 |
| Diluted net income per common share: | | | | Distributed earnings | $ | 0.695 |
| | $ | 0.645 |
| Undistributed earnings (losses) | (0.045 | ) | | 0.145 |
| Diluted net income per common share | $ | 0.650 |
| | $ | 0.790 |
|
| | | | | | | | | | | Twelve Months Ended June 30, | | 2018 | | 2017 | Weighted average number of common shares outstanding: | | | | Basic number of common shares outstanding | 40,467,231 |
| | 40,381,776 |
| Dilutive effect of unvested performance awards | 126,818 |
| | 85,219 |
| Diluted number of common shares outstanding | 40,594,049 |
| | 40,466,995 |
| Basic net income per common share: | | | | Net income | $ | 92,513 |
| | $ | 112,369 |
| Income allocated to participating restricted stock | (336 | ) | | (423 | ) | Net income available to common shareholders | $ | 92,177 |
| | $ | 111,946 |
| Diluted net income per common share: | | | | Net income | $ | 92,513 |
| | $ | 112,369 |
| Income reallocated to participating restricted stock | (336 | ) | | (423 | ) | Net income available to common shareholders | $ | 92,177 |
| | $ | 111,946 |
| Basic net income per common share: | | | | Distributed earnings | $ | 1.365 |
| | $ | 1.265 |
| Undistributed earnings | 0.915 |
| | 1.505 |
| Basic net income per common share | $ | 2.280 |
| | $ | 2.770 |
| Diluted net income per common share: | | | | Distributed earnings | $ | 1.365 |
| | $ | 1.265 |
| Undistributed earnings | 0.905 |
| | 1.505 |
| Diluted net income per common share | $ | 2.270 |
| | $ | 2.770 |
|
| | | | | | | | | | | | | | | | | | | The number of restricted stock awards and performance shares at 100% performance level excluded from the calculation of the diluted number of common shares outstanding because their effect was antidilutive is presented below: | | Three Months Ended | | Six Months Ended | | Twelve Months Ended | | June 30, | | June 30, | | June 30, | | 2018 | | 2017 | | 2018 | | 2017 | | 2018 | | 2017 | Restricted stock awards | 55,368 |
| | 58,792 |
| | 63,793 |
| | 68,409 |
| | 65,432 |
| | 62,352 |
| Performance shares (a) | — |
| | — |
| | 22,989 |
| | — |
| | 11,494 |
| | 6,906 |
|
________________________ | | (a) | Certain performance shares were excluded from the computation of diluted earnings per share as no payouts would have been required based upon performance at the end of each corresponding period. |
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