XML 15 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2013
EARNINGS PER SHARE  
EARNINGS PER SHARE

2. EARNINGS PER SHARE

 

Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) No. 260-10-45 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the earnings allocation in computing earnings per share (“EPS”).  The restricted stock awards and restricted stock units granted by the Company contain nonforfeitable rights to dividends and therefore are considered participating securities.  The two-class method for calculating basic EPS excludes dividends paid to participating securities and any undistributed earnings attributable to participating securities.

 

The computation of EPS for the three and nine months ended September 30, 2013 and 2012 is as follows:

 

 

 

Three months ended,

 

Nine months ended,

 

 

 

September 30,

 

September 30,

 

(In thousands, except per share data)

 

2013

 

2012

 

2013

 

2012

 

Net Income

 

$

3,123

 

$

3,360

 

$

9,488

 

$

9,362

 

Less: Dividends paid on and earnings allocated to participating securities

 

(85

)

(88

)

(254

)

(244

)

Income attributable to common stock

 

$

3,038

 

$

3,272

 

$

9,234

 

$

9,118

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, including participating securities

 

9,241

 

8,695

 

9,109

 

8,573

 

Less: weighted average participating securities

 

(248

)

(226

)

(242

)

(225

)

Weighted average common shares outstanding

 

8,993

 

8,469

 

8,867

 

8,348

 

Basic earnings per common share

 

$

0.34

 

$

0.39

 

$

1.04

 

$

1.09

 

 

 

 

 

 

 

 

 

 

 

Income attributable to common stock

 

$

3,038

 

$

3,272

 

$

9,234

 

$

9,118

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

8,993

 

8,469

 

8,867

 

8,348

 

Weighted average common equivalent shares outstanding

 

—

 

1

 

—

 

1

 

Weighted average common and equivalent shares outstanding

 

8,993

 

8,470

 

8,867

 

8,349

 

Diluted earnings per common share

 

$

0.34

 

$

0.39

 

$

1.04

 

$

1.09

 

 

There were 49,362 and 49,737 options outstanding at September 30, 2013 and September 30, 2012, respectively, that were not included in the computation of diluted earnings per share because the options’ exercise prices were greater than the average market price of common stock and were, therefore, antidilutive. The $16.0 million in convertible trust preferred securities outstanding at September 30, 2013, were not included in the computation of diluted earnings per share because the assumed conversion of the trust preferred securities was antidilutive.