Earnings per Common Share

3 Months Ended

Mar. 31, 2020

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 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
	March 31,
(dollars in thousands, except for per share data)	2020			2019
Net income	$	6,030		$	11,635
Earnings allocated to participating securities		(27	)		(26	)
Income attributable to common stock	$	6,003		$	11,609
Weighted average common shares outstanding, including participating securities		39,559			35,283
Weighted average participating securities		(135	)		(25	)
Weighted average common shares outstanding		39,424			35,258
Incremental shares from assumed conversions of options,
performance units and restricted shares		92			61
Weighted average common and equivalent shares outstanding		39,516			35,319
Earnings per common share:
Basic	$	0.15		$	0.33
Diluted		0.15			0.33

There were no antidilutive share equivalents as of March 31, 2020 and March 31, 2019.