Earnings per Common Share

9 Months Ended

Sep. 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 September 30,						Nine Months Ended September 30,
	(in thousands, except for per share data)
	2019			2018			2019			2018
Net income	$	21,696		$	19,902		$	52,612		$	41,680
Earnings allocated to participating securities		(117	)		(42	)		(176	)		(98	)
Income attributable to common stock	$	21,579		$	19,860		$	52,436		$	41,582
Weighted average common shares outstanding, including participating securities		35,307			32,167			35,317			32,127
Weighted average participating securities		(141	)		(25	)		(65	)		(34	)
Weighted average common shares outstanding		35,166			32,142			35,252			32,093
Incremental shares from assumed conversions of options, performance units and non-participating restricted shares		97			177			82			220
Weighted average common and equivalent shares outstanding		35,263			32,319			35,334			32,313
Earnings per common share:
Basic	$	0.61		$	0.62		$	1.49		$	1.30
Diluted		0.61			0.61			1.48			1.29

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