XML 63 R17.htm IDEA: XBRL DOCUMENT v3.19.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
Earnings Per Share EARNINGS PER SHARE
Basic earnings per share is computed by dividing net income, excluding net earnings allocated to participating securities, by the weighted average number of shares outstanding during the applicable period, excluding outstanding participating securities. Diluted earnings per share is computed using the weighted average number of shares determined for the basic computation plus the dilutive effect of potential common shares issuable under certain stock compensation plans. For the three and nine months ended September 30, 2019 and 2018, there were no outstanding stock options to include in the diluted earnings per share calculations and the impact of performance based shares was immaterial.
Unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The Corporation has determined that its outstanding unvested stock awards are participating securities.
The computation of basic and diluted earnings per share is shown below:
 
Three months ended September 30,
 
Nine months ended September 30,
 
2019
 
2018
 
2019
 
2018
Basic earnings per common share computation:
 
 
 
 
 
 
 
Net income per consolidated statements of income
$
10,357

 
$
9,236

 
$
29,597

 
$
24,774

Net earnings allocated to participating securities
(37
)
 
(40
)
 
(114
)
 
(113
)
Net earnings allocated to common stock
$
10,320

 
$
9,196

 
$
29,483

 
$
24,661

Distributed earnings allocated to common stock
$
2,573

 
$
2,586

 
$
7,734

 
$
7,607

Undistributed earnings allocated to common stock
7,747

 
6,610

 
21,749

 
17,054

Net earnings allocated to common stock
$
10,320

 
$
9,196

 
$
29,483

 
$
24,661

Weighted average common shares outstanding, including shares considered participating securities
15,197

 
15,285

 
15,218

 
15,281

Less: Average participating securities
(51
)
 
(60
)
 
(58
)
 
(67
)
Weighted average shares
15,146

 
15,225

 
15,160

 
15,214

Basic earnings per common share
$
0.68

 
$
0.60

 
$
1.94

 
$
1.62

Diluted earnings per common share computation:
 
 
 
 
 
 
 
Net earnings allocated to common stock
$
10,320

 
$
9,196

 
$
29,483

 
$
24,661

Weighted average common shares outstanding for basic earnings per common share
15,146

 
15,225

 
15,160

 
15,214

Add: Dilutive effects of assumed exercises of stock options
0

 
0

 
0

 
0

Weighted average shares and dilutive potential common shares
15,146

 
15,225

 
15,160

 
15,214

Diluted earnings per common share
$
0.68

 
$
0.60

 
$
1.94

 
$
1.62