Earnings per Common Share

6 Months Ended

Jun. 30, 2018

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						Six Months Ended
	June 30,						June 30,
	(in thousands, except for per share data)
	2018			2017			2018			2017
Income attributable to common stock	$	17,490		$	7,659		$	21,724		$	19,499
Earnings allocated to participating securities		37			24			54			64
Net income	$	17,527		$	7,683		$	21,778		$	19,563
Weighted average common shares outstanding, including participating securities		32,134			32,008			32,106			31,991
Weighted average participating securities		(20	)		(102	)		(38	)		(105	)
Weighted average common shares outstanding		32,114			31,906			32,068			31,886
Incremental shares from assumed conversions of options, performance units and restricted shares		207			350			208			347
Weighted average common and equivalent shares outstanding		32,321			32,256			32,276			32,233
Earnings per common share:
Basic	$	0.54		$	0.24		$	0.68		$	0.61
Diluted		0.54			0.24			0.67			0.60

There were no antidilutive share equivalents as of June 30, 2018 and June 30, 2017.