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Earnings Per Common Share
 9 Months Ended
Sep. 30, 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
 
Nine months
Periods ended September 30,
2015
 
2014
 
2015
 
2014
Earnings per common share - basic:
 
 
 
 
 
 
 
Net income

$10,208

 

$10,538

 

$32,721

 

$29,633

Less dividends and undistributed earnings allocated to participating securities
(27
)
 
(32
)
 
(100
)
 
(106
)
Net income applicable to common shareholders

$10,181

 

$10,506

 

$32,621

 

$29,527

Weighted average common shares
16,939

 
16,714

 
16,837

 
16,673

Earnings per common share - basic

$0.60

 

$0.63

 

$1.94

 

$1.77

Earnings per common share - diluted:
 
 
 
 
 
 
 
Net income

$10,208

 

$10,538

 

$32,721

 

$29,633

Less dividends and undistributed earnings allocated to participating securities
(28
)
 
(32
)
 
(100
)
 
(106
)
Net income applicable to common shareholders

$10,180

 

$10,506

 

$32,621

 

$29,527

Weighted average common shares
16,939

 
16,714

 
16,837

 
16,673

Dilutive effect of common stock equivalents
163

 
141

 
190

 
159

Weighted average diluted common shares
17,102

 
16,855

 
17,027

 
16,832

Earnings per common share - diluted

$0.60

 

$0.62

 

$1.92

 

$1.75


Weighted average common stock equivalents, not included in common stock equivalents above because they were anti-dilutive, totaled 28,342 and 52,426, respectively, for the three months ended September 30, 2015 and 2014. These amounts were 25,788 and 53,853, respectively, for the nine months ended September 30, 2015 and 2014.