Earnings per Common Share

9 Months Ended

Sep. 30, 2017

Earnings per common share:

Earnings per Common Share

Note 3. Earnings per Common Share

Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) No. 260-10-45 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the earnings allocation in computing earnings per share (“EPS”). The restricted stock awards previously granted by the Company contain non-forfeitable rights to dividends and therefore are considered participating securities. The two-class method for calculating basic EPS excludes dividends paid to participating securities and any undistributed earnings attributable to participating securities.

Earnings per common share have been computed based on the following:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	(in thousands, except for per share data)
	2017			2016			2017			2016
Net income available to common stockholders	$	13,035		$	11,812		$	32,534		$	33,106
Earnings allocated to participating securities		42			44			106			22
Income attributable to common stock	$	13,077		$	11,856		$	32,640		$	33,128
Weighted average common shares outstanding, including participating securities		32,015			30,143			31,999			30,094
Weighted average participating securities		(103	)		(113	)		(104	)		(98	)
Weighted average common shares outstanding		31,912			30,030			31,895			29,996
Incremental shares from assumed conversions of options, performance units and restricted shares		270			329			272			351
Weighted average common and equivalent shares outstanding		32,182			30,359			32,167			30,347
Earnings per common share:
Basic	$	0.41		$	0.39		$	1.02		$	1.10
Diluted		0.41			0.39			1.01			1.09

There were no antidilutive share equivalents as of September 30, 2017 and September 30, 2016.