XML 24 R19.htm IDEA: XBRL DOCUMENT v3.19.3
EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

 

11.

EARNINGS PER SHARE

The Company has granted stock compensation awards with nonforfeitable dividend rights that 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 nine months ended September 30, 2019.  There were zero and 50,000 stock options that were anti-dilutive for three and nine months ended September 30, 2018, respectively.

 

 

For the Three Months Ended

September 30,

 

 

For the Nine Months Ended

September 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

(Dollars in thousands, except per share data)

 

Net income per consolidated statements of income

$

10,504

 

 

$

9,529

 

 

$

29,646

 

 

$

27,626

 

Net income allocated to participating securities

 

(27

)

 

 

(49

)

 

 

(103

)

 

 

(140

)

Net income allocated to common stock

$

10,477

 

 

$

9,480

 

 

$

29,543

 

 

$

27,486

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share computation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributed earnings allocated to common stock

$

3,837

 

 

$

3,478

 

 

$

10,664

 

 

$

9,432

 

Undistributed earnings allocated to common stock

 

6,640

 

 

 

6,002

 

 

 

18,879

 

 

 

18,054

 

Net income allocated to common stock

$

10,477

 

 

$

9,480

 

 

$

29,543

 

 

$

27,486

 

Weighted average common shares outstanding, including shares

   considered participating securities

 

48,085

 

 

 

49,909

 

 

 

48,563

 

 

 

49,892

 

Less: Average participating securities

 

(124

)

 

 

(226

)

 

 

(168

)

 

 

(252

)

Weighted average shares

 

47,961

 

 

 

49,683

 

 

 

48,395

 

 

 

49,640

 

Basic earnings per common share

$

0.22

 

 

$

0.19

 

 

$

0.61

 

 

$

0.55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share computation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income allocated to common stock

$

10,477

 

 

$

9,480

 

 

$

29,543

 

 

$

27,486

 

Weighted average common shares outstanding for basic earnings

   per common share

 

47,961

 

 

 

49,683

 

 

 

48,395

 

 

 

49,640

 

Add: Dilutive effects of assumed exercises of stock options and

   LTIP awards

 

203

 

 

 

264

 

 

 

201

 

 

 

262

 

Weighted average shares and dilutive potential common shares

 

48,164

 

 

 

49,947

 

 

 

48,596

 

 

 

49,902

 

Diluted earnings per common share

$

0.22

 

 

$

0.19

 

 

$

0.61

 

 

$

0.55