Earnings Per Common Share

12 Months Ended

Dec. 31, 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 following table presents the calculation of earnings per common share:

(Dollars and shares in thousands, except per share amounts)
Years ended December 31,	2014			2013			2012
Earnings per common share - basic:
Net income		$40,824			$36,153			$35,074
Less dividends and undistributed earnings allocated to participating securities	(152		)	(156		)	(161		)
Net income applicable to common shareholders	40,672			35,997			34,913
Weighted average common shares	16,689			16,506			16,358
Earnings per common share - basic		$2.44			$2.18			$2.13
Earnings per common share - diluted:
Net income		$40,824			$36,153			$35,074
Less dividends and undistributed earnings allocated to participating securities	(151		)	(155		)	(160		)
Net income applicable to common shareholders	40,673			35,998			34,914
Weighted average common shares	16,689			16,506			16,358
Dilutive effect of common stock equivalents	183			158			43
Weighted average diluted common shares	16,872			16,664			16,401
Earnings per common share - diluted		$2.41			$2.16			$2.13

Weighted average common stock equivalents, not included in common stock equivalents above because they were anti‑dilutive, totaled 59,234, 23,286 and 357,179 for the years ended December 31, 2014, 2013 and 2012, respectively.