Earnings Per Common Share

12 Months Ended

Dec. 31, 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 periods indicated:



	Year Ended December 31,
	2015		2014		2013
	(in thousands except per share)
Basic EPS:
Net income	$	98,827	$	81,574	$	60,016
Less: Earnings allocated to participating securities
Preferred shares	175		157		95
Nonvested restricted shares	1,075		780		523
Earnings allocated to common shareholders	$	97,577	$	80,637	$	59,398
Weighted average common shares outstanding	57,019		52,618		47,993
Basic earnings per common share	$	1.71	$	1.53	$	1.24
Diluted EPS:
Earnings allocated to common shareholders (1)	$	97,577	$	80,640	$	59,407
Weighted average common shares outstanding	57,019		52,618		47,993
Dilutive effect of equity awards and warrants	13		565		1,058
Weighted average diluted common shares outstanding	57,032		53,183		49,051
Diluted earnings per common share	$	1.71	$	1.52	$	1.21
Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive	37		64		64

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(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.