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EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2015
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 certain 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 months ended March 31, 2015 and 2014 is as follows:

 

 

 

Three months ended,

 

 

 

March 31,

 

(In thousands, except per share data)

 

2015

 

2014

 

Net Income

 

$
4,763

 

$
406

 

Less: Dividends paid on and earnings allocated to participating securities

 
(118

)

—

 

Income attributable to common stock

 

$
4,645

 

$
406

 

 

 

 

 

 

 

Weighted average common shares outstanding, including participating securities

 
11,720

 
11,513

 

Less: weighted average participating securities

 
(301

)
(263

)

Weighted average common shares outstanding

 
11,419

 
11,250

 

Basic earnings per common share

 

$
0.41

 

$
0.04

 

 

 

 

 

 

 

Income attributable to common stock

 

$
4,645

 

$
406

 

 

 

 

 

 

 

Weighted average common shares outstanding

 
11,419

 
11,250

 

Weighted average common equivalent shares outstanding

 
1

 
1

 

Weighted average common and equivalent shares outstanding

 
11,420

 
11,251

 

Diluted earnings per common share

 

$
0.41

 

$
0.04

 

 

There were 37,739 and 5,131 options outstanding at March 31, 2015 and March 31, 2014, 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 March 31, 2015 and March 31, 2014, were not included in the computation of diluted earnings per share because the assumed conversion of the trust preferred securities was antidilutive.