Earnings per Common Share

3 Months Ended

Mar. 31, 2016

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 months ended March 31, 2016 and 2015:



	Three Months Ended
	March 31,
	2016		2015
	(in thousands except per share)
Basic EPS:
Net income	$	21,259	$	24,361
Less: Earnings allocated to participating securities:
Preferred shares	39		43
Nonvested restricted shares	247		225
Earnings allocated to common shareholders	$	20,973	$	24,093
Weighted average common shares outstanding	57,114		56,965
Basic earnings per common share	$	0.37	$	0.42
Diluted EPS:
Earnings allocated to common shareholders (1)	$	20,973	$	24,093
Weighted average common shares outstanding	57,114		56,965
Dilutive effect of equity awards	11		13
Weighted average diluted common shares outstanding	57,125		56,978
Diluted earnings per common share	$	0.37	$	0.42
Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive	27		53

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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.