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Earnings Per Common Share
 6 Months Ended
Jun. 30, 2012
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
 
Six Months
Periods ended June 30,
2012
 
2011
 
2012
 
2011
Net income

$8,713

 

$7,565

 

$17,151

 

$14,365

Less dividends and undistributed earnings allocated to participating securities
(40
)
 
(30
)
 
(74
)
 
(57
)
Net income applicable to common shareholders

$8,673

 

$7,535

 

$17,077

 

$14,308

 
 
 
 
 
 
 
 
Weighted average basic common shares
16,358

 
16,252

 
16,344

 
16,225

Dilutive effect of common stock equivalents
34

 
32

 
37

 
32

Weighted average diluted common shares
16,392

 
16,284

 
16,381

 
16,257

 
 
 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 
 
 
Basic

$0.53

 

$0.46

 

$1.04

 

$0.88

Diluted

$0.53

 

$0.46

 

$1.04

 

$0.88


Weighted average common stock equivalents, not included in common stock equivalents above because they were anti-dilutive, totaled 394 thousand and 349 thousand, respectively, for the three months ended June 30, 2012 and 2011. These amounts totaled 393 thousand and 374 thousand, respectively, for the six months ended June 30, 2012 and 2011.