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EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2014
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 non-forfeitable 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 six months ended June 30, 2014 and 2013 is as follows:

 

 

 

Three months ended,

 

Six months ended,

 

 

 

June 30,

 

June 30,

 

(In thousands, except per share data)

 

2014

 

2013

 

2014

 

2013

 

Net Income

 

$

4,318

 

$

3,252

 

$

4,724

 

$

6,365

 

Less: Dividends paid on and earnings allocated to participating securities

 

(103

)

(88

)

(101

)

(169

)

Income attributable to common stock

 

$

4,215

 

$

3,164

 

$

4,623

 

$

6,196

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding, including participating securities

 

11,660

 

9,105

 

11,587

 

9,042

 

Less: weighted average participating securities

 

(279

)

(247

)

(271

)

(239

)

Weighted average common shares outstanding

 

11,381

 

8,858

 

11,316

 

8,803

 

Basic earnings per common share

 

$

0.37

 

$

0.36

 

$

0.41

 

$

0.70

 

 

 

 

 

 

 

 

 

 

 

Income attributable to common stock

 

$

4,215

 

$

3,164

 

$

4,623

 

$

6,196

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

11,381

 

8,858

 

11,316

 

8,803

 

Weighted average common equivalent shares outstanding

 

—

 

—

 

—

 

—

 

Weighted average common and equivalent shares outstanding

 

11,381

 

8,858

 

11,316

 

8,803

 

Diluted earnings per common share

 

$

0.37

 

$

0.36

 

$

0.41

 

$

0.70

 

 

There were 42,330 and 49,362 options outstanding at June 30, 2014 and June 30, 2013, 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 June 30, 2014, were not included in the computation of diluted earnings per share because the assumed conversion of the trust preferred securities was antidilutive.