XML 20 R19.htm IDEA: XBRL DOCUMENT v2.3.0.15
Earnings Per Common Share
9 Months Ended
Sep. 30, 2011
Earnings Per Share [Abstract] 
Earnings Per Common Share
Earnings Per Common Share
Washington Trust utilizes the two-class method earnings allocation formula to determine earnings per share of each class of stock according to dividends and participation rights in undistributed earnings.  Share-based payments that entitle holders to receive non-forfeitable dividends before vesting are considered participating securities and included in earnings allocation for computing basic earnings per share under this method.  Undistributed income is allocated to common shareholders and participating securities under the two-class method based upon the proportion of each to the total weighted average shares available.

The calculation of earnings per common share is presented below.
(Dollars and shares in thousands, except per share amounts)
 
Three Months
 
Nine Months
Periods ended September 30,
2011
 
2010
 
2011
 
2010
Net income
$
7,582

 
$
6,370

 
$
21,947

 
$
16,840

Less dividends and undistributed earnings allocated to participating securities
(27
)
 
(19
)
 
(84
)
 
(45
)
Net income applicable to common shareholders
7,555

 
6,351

 
21,863

 
16,795

 
 
 
 
 
 
 
 
Weighted average basic common shares
16,277.8

 
16,131.4

 
16,242.5

 
16,098.2

Dilutive effect of common stock equivalents
15.9

 
4.9

 
26.7

 
5.7

Weighted average diluted common shares
16,293.7

 
16,136.3

 
16,269.2

 
16,103.9

Earnings per common share:
 
 
 

 
 
 
 

Basic
$
0.46

 
$
0.39

 
$
1.35

 
$
1.04

Diluted
$
0.46

 
$
0.39

 
$
1.34

 
$
1.04


Weighted average common stock equivalents, not included in common stock equivalents above because they were anti-dilutive, totaled 412 thousand and 763 thousand, respectively, for the three months ended September 30, 2011 and 2010.  These amounts totaled 385 thousand and 726 thousand, respectively, for the nine months ended September 30, 2011 and 2010.