Earnings per Common Share (Tables)

9 Months Ended

Sep. 30, 2016

Schedule of Basic and Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three and nine months ended September 30, 2016 and 2015:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
	(in thousands except per share)
Basic EPS:
Net income	$	27,484	$	25,780	$	74,148	$	72,087
Less: Earnings allocated to participating securities:
Preferred shares	48		45		131		127
Nonvested restricted shares	378		296		953		772
Earnings allocated to common shareholders	$	27,058	$	25,439	$	73,064	$	71,188
Weighted average common shares outstanding	57,215		57,051		57,173		57,007
Basic earnings per common share	$	0.47	$	0.45	$	1.28	$	1.25
Diluted EPS:
Earnings allocated to common shareholders (1)	$	27,058	$	25,439	$	73,064	$	71,188
Weighted average common shares outstanding	57,215		57,051		57,173		57,007
Dilutive effect of equity awards	10		13		10		14
Weighted average diluted common shares outstanding	57,225		57,064		57,183		57,021
Diluted earnings per common share	$	0.47	$	0.45	$	1.28	$	1.25
Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive	15		29		20		40

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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.