EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2015

10.	EARNINGS PER SHARE

The Company has granted stock compensation awards with nonforfeitable dividend rights which are considered participating securities. As such, earnings per share is computed using the two-class method as required by ASC 206-10-45. Basic earnings per common share is computed by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding during the period which excludes the participating securities. Diluted earnings per common share includes the dilutive effect of additional potential common shares from stock compensation awards, but also excludes awards considered participating securities. Stock options for 74,058 shares were anti-dilutive for the three months ended June 30, 2015 and stock options for 87,315 shares were anti-dilutive for the three months ended June 30, 2014. Stock options for 74,058 shares were anti-dilutive for the six months ended June 30, 2015 and stock options for 87,315 shares were anti-dilutive for the six months ended June 30, 2014.

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2015			2014			2015			2014
	(Dollars in thousands, except per share data)
Net income per consolidated statements of income	$	4,125		$	42,404		$	7,811		$	44,498
Net income allocated to participating securities		(25	)		(235	)		(39	)		(232	)
Net income allocated to common stock	$	4,100		$	42,169		$	7,772		$	44,266

Basic earnings per common share computation:
Distributed earnings allocated to common stock	$	490		$	—		$	979		$	—
Undistributed earnings allocated to common stock		3,610			42,169			6,793			44,266
Net income allocated to common stock	$	4,100		$	42,169		$	7,772		$	44,266
Weighted average common shares outstanding, including shares considered participating securities		48,649			50,554			48,968			50,481
Less: Average participating securities		(290	)		(280	)		(244	)		(263	)
Weighted average shares		48,359			50,274			48,724			50,218
Basic earnings per common share	$	0.08		$	0.84		$	0.16		$	0.88

Diluted earnings per common share computation:
Net income allocated to common stock	$	4,100		$	42,169		$	7,772		$	44,266
Weighted average common shares outstanding for basic earnings per common share		48,359			50,274			48,724			50,218
Add: Dilutive effects of assumed exercises of stock options		275			222			273			221
Weighted average shares and dilutive potential common shares		48,634			50,496			48,997			50,439
Diluted earnings per common share	$	0.08		$	0.84		$	0.16		$	0.88