Earnings Per Common Share

12 Months Ended

Dec. 31, 2013

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)
Years ended December 31,	2013			2012			2011
Net income		$36,153			$35,074			$29,724
Less:
Dividends and undistributed earnings allocated to participating securities	(155		)	(160		)	(112		)
Net income applicable to common shareholders	35,998			34,914			29,612
Weighted average basic common shares	16,506			16,358			16,254
Dilutive effect of:
Common stock equivalents	158			43			30
Weighted average diluted common shares	16,664			16,401			16,284
Earnings per common share:
Basic		$2.18			$2.13			$1.82
Diluted		$2.16			$2.13			$1.82

Weighted average common stock equivalents, not included in common stock equivalents above because they were anti-dilutive, totaled 23 thousand, 357 thousand and 371 thousand for 2013, 2012 and 2011, respectively.