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EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2018
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

 

11.

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. There were 50,000 stock options that were anti-dilutive for the three and six months ended June 30, 2018 and no stock options were anti-dilutive for the three and six months ended June 30, 2017.  

 

 

For the Three Months Ended

June 30,

 

 

For the Six Months Ended

June 30,

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

(Dollars in thousands, except per share data)

 

Net income per consolidated statements of income

$

9,541

 

 

$

8,189

 

 

$

18,097

 

 

$

9,727

 

Net income allocated to participating securities

 

(41

)

 

 

(49

)

 

 

(91

)

 

 

(61

)

Net income allocated to common stock

$

9,500

 

 

$

8,140

 

 

$

18,006

 

 

$

9,666

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share computation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributed earnings allocated to common stock

$

2,982

 

 

$

1,483

 

 

$

5,954

 

 

$

2,962

 

Undistributed earnings allocated to common stock

 

6,518

 

 

 

6,657

 

 

 

12,052

 

 

 

6,704

 

Net income allocated to common stock

$

9,500

 

 

$

8,140

 

 

$

18,006

 

 

$

9,666

 

Weighted average common shares outstanding, including shares

   considered participating securities

 

49,906

 

 

 

49,691

 

 

 

49,877

 

 

 

49,158

 

Less: Average participating securities

 

(212

)

 

 

(299

)

 

 

(250

)

 

 

(309

)

Weighted average shares

 

49,694

 

 

 

49,392

 

 

 

49,627

 

 

 

48,849

 

Basic earnings per common share

$

0.19

 

 

$

0.16

 

 

$

0.36

 

 

$

0.20

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share computation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income allocated to common stock

$

9,500

 

 

$

8,140

 

 

$

18,006

 

 

$

9,666

 

Weighted average common shares outstanding for basic

   earnings per common share

 

49,694

 

 

 

49,392

 

 

 

49,627

 

 

 

48,849

 

Add: Dilutive effects of assumed exercises of stock options and LTIP

   awards

 

250

 

 

 

403

 

 

 

262

 

 

 

398

 

Weighted average shares and dilutive potential common shares

 

49,944

 

 

 

49,795

 

 

 

49,889

 

 

 

49,247

 

Diluted earnings per common share

$

0.19

 

 

$

0.16

 

 

$

0.36

 

 

$

0.20