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Earnings Per Common Share
 6 Months Ended
Jun. 30, 2014
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,
2014
 
2013
 
2014

 
2013

Net income

$9,797

 

$8,983

 

$19,095

 

$16,404

Less dividends and undistributed earnings allocated to participating securities
(33
)
 
(39
)
 
(74
)
 
(78
)
Net income applicable to common shareholders

$9,764

 

$8,944

 

$19,021

 

$16,326

 
 
 
 
 
 
 
 
Weighted average basic common shares
16,678

 
16,454

 
16,653

 
16,428

Dilutive effect of common stock equivalents
153

 
127

 
164

 
130

Weighted average diluted common shares
16,831

 
16,581

 
16,817

 
16,558

 
 
 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 
 
 
Basic

$0.59

 

$0.54

 

$1.14

 

$0.99

Diluted

$0.58

 

$0.54

 

$1.13

 

$0.99


Weighted average common stock equivalents, not included in common stock equivalents above because they were anti-dilutive, were 55 thousand and 241 thousand, respectively, for the three months ended June 30, 2014 and 2013. These amounts were 55 thousand and 394 thousand, respectively, for the six months ended June 30, 2014 and 2013.