Earnings per Common Share

6 Months Ended

Jun. 30, 2019

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)
	2019			2018			2019			2018
Net income	$	19,281		$	17,527		$	30,916		$	21,778
Earnings allocated to participating securities		(58	)		(37	)		(140	)		(54	)
Income attributable to common stock	$	19,223		$	17,490		$	30,776		$	21,724
Weighted average common shares outstanding, including participating securities		35,365			32,134			35,322			32,106
Weighted average participating securities		(49	)		(20	)		(26	)		(38	)
Weighted average common shares outstanding		35,316			32,114			35,296			32,068
Incremental shares from assumed conversions of options, performance units and non-participating restricted shares		79			207			74			208
Weighted average common and equivalent shares outstanding		35,395			32,321			35,370			32,276
Earnings per common share:
Basic	$	0.54		$	0.54		$	0.87		$	0.68
Diluted		0.54			0.54			0.87			0.67

There were no antidilutive share equivalents as of June 30, 2019 and June 30, 2018.