Earnings Per Common Share

3 Months Ended

Mar. 31, 2015

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)
Three months ended March 31,	2015			2014
Earnings per common share - basic:
Net income		$11,010			$9,298
Less dividends and undistributed earnings allocated to participating securities	(39		)	(41		)
Net income applicable to common shareholders		$10,971			$9,257
Weighted average common shares	16,759			16,626
Earnings per common share - basic		$0.65			$0.56
Earnings per common share - diluted:
Net income		$11,010			$9,298
Less dividends and undistributed earnings allocated to participating securities	(39		)	(41		)
Net income applicable to common shareholders		$10,971			$9,257
Weighted average common shares	16,759			16,626
Dilutive effect of common stock equivalents	180			174
Weighted average diluted common shares	16,939			16,800
Earnings per common share - diluted		$0.65			$0.55

Weighted average common stock equivalents, not included in common stock equivalents above because they were anti-dilutive, totaled 77,450 and 54,600, respectively, for the three months endedMarch 31, 2015 and 2014.