XML 87 R23.htm IDEA: XBRL DOCUMENT v2.4.0.8
Earnings Per Common Share
 9 Months Ended
Sep. 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 are 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 calculations of earnings per common share are presented below.
(Dollars and shares in thousands, except per share amounts)
 
 
 
 
 
 
 

Three Months
 
Nine months
Periods ended September 30,
2014
 
2013
 
2014
 
2013
Earnings per common share - basic:
 
 
 
 
 
 
 
Net income

$10,538

 

$9,960

 

$29,633

 

$26,364

Less dividends and undistributed earnings allocated to participating securities
(32
)
 
(37
)
 
(106
)
 
(115
)
Net income applicable to common shareholders

$10,506

 

$9,923

 

$29,527

 

$26,249

Weighted average common shares
16,714

 
16,563

 
16,673

 
16,473

Earnings per common share - basic

$0.63

 

$0.60

 

$1.77

 

$1.59

Earnings per common share - diluted:
 
 
 
 
 
 
 
Net income

$10,538

 

$9,960

 

$29,633

 

$26,364

Less dividends and undistributed earnings allocated to participating securities
(32
)
 
(37
)
 
(106
)
 
(115
)
Net income applicable to common shareholders

$10,506

 

$9,923

 

$29,527

 

$26,249

Weighted average common shares
16,714

 
16,563

 
16,673

 
16,473

Dilutive effect of common stock equivalents
141

 
133

 
159

 
127

Weighted average common shares
16,855

 
16,696

 
16,832

 
16,600

Earnings per common share - diluted

$0.62

 

$0.59

 

$1.75

 

$1.58


Weighted average common stock equivalents, not included in common stock equivalents above because they were anti-dilutive, were 52,426 and zero, respectively, for the three months ended September 30, 2014 and 2013. These amounts were 53,853 and 7,165, respectively, for the nine months ended September 30, 2014 and 2013.