Earnings per Common Share

9 Months Ended

Sep. 30, 2015

Earnings per Common Share

The Company applies the two-class method of computing basic and diluted EPS. Under the two-class method, EPS is determined for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. The Company issues restricted shares under share-based compensation plans and preferred shares which qualify as participating securities.

The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2015 and 2014:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2015		2014		2015		2014
	(in thousands except per share)
Basic EPS:
Net income	$	25,780	$	21,583	$	72,087	$	62,654
Less: Earnings allocated to participating securities:
Preferred Shares	45		42		127		121
Nonvested restricted shares	296		216		772		598
Earnings allocated to common shareholders	$	25,439	$	21,325	$	71,188	$	61,935
Weighted average common shares outstanding	57,051		52,112		57,007		51,772
Basic earnings per common share	$	0.45	$	0.41	$	1.25	$	1.20
Diluted EPS:
Earnings allocated to common shareholders (1)	$	25,439	$	21,325	$	71,188	$	61,940
Weighted average common shares outstanding	57,051		52,112		57,007		51,772
Dilutive effect of equity awards	13		404		14		707
Weighted average diluted common shares outstanding	57,064		52,516		57,021		52,479
Diluted earnings per common share	$	0.45	$	0.41	$	1.25	$	1.18
Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive	29		58		40		67

__________


(1)	Earnings allocated to common shareholders for basic and diluted EPS may differ under the two-class method as a result of adding common stock equivalents for options and warrants to dilutive shares outstanding, which alters the ratio used to allocate earnings to common shareholders and participating securities for the purposes of calculating diluted EPS.