BASIC AND DILUTED EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2016

Earnings Per Share [Abstract]

BASIC AND DILUTED EARNINGS PER COMMON SHARE

NOTE C — BASIC AND DILUTED EARNINGS PER COMMON SHARE

For each of the periods ended September 30, 2016 and 2015, options to purchase 189,000 shares and 282,000 shares, respectively, were antidilutive and accordingly were excluded in determining diluted earnings per share.

 

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Dollars in thousands, except per share data)	2016		2015		2016		2015
Basic:
Income available to common shareholders	$	9,133	$	4,441	$	18,431	$	16,105
Average basic shares outstanding		37,549,804		33,907,178		36,626,290		33,286,933
Basic earnings per share	$	0.24	$	0.13	$	0.50	$	0.48
Diluted:
Income available to common shareholders plus
assumed conversions	$	9,133	$	4,441	$	18,431	$	16,105
Average basic shares outstanding		37,549,804		33,907,178		36,626,290		33,286,933
Restricted stock and stock options		620,059		286,362		631,843		237,785
Average diluted shares outstanding		38,169,863		34,193,540		37,258,133		33,524,718
Diluted earnings per share	$	0.24	$	0.13	$	0.49	$	0.48