Earnings per Common Share

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2016 and 2015:



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2016		2015		2016		2015
	(in thousands except per share)
Basic EPS:
Net income	$	25,405	$	21,946	$	46,664	$	46,307
Less: Earnings allocated to participating securities:
Preferred shares	45		39		82		82
Nonvested restricted shares	343		248		578		475
Earnings allocated to common shareholders	$	25,017	$	21,659	$	46,004	$	45,750
Weighted average common shares outstanding	57,185		57,055		57,149		56,999
Basic earnings per common share	$	0.44	$	0.38	$	0.80	$	0.80
Diluted EPS:
Earnings allocated to common shareholders (1)	$	25,017	$	21,659	$	46,004	$	45,750
Weighted average common shares outstanding	57,185		57,055		57,149		56,999
Dilutive effect of equity awards	10		14		11		13
Weighted average diluted common shares outstanding	57,195		57,069		57,160		57,012
Diluted earnings per common share	$	0.44	$	0.38	$	0.80	$	0.80
Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive	19		37		23		45

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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.