|
3. Earnings Per Share
Earnings per common share have been computed based on the following:
| |
|
For the three months ended |
|
|
For the six months ended |
|
| |
|
June 30, |
|
|
June 30, |
|
| |
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
| |
|
(Dollars in thousands, except per share data) |
|
| Net income, as reported |
|
$ |
10,556 |
|
|
$ |
13,923 |
|
|
$ |
17,624 |
|
|
$ |
25,335 |
|
| Divided by: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average common shares outstanding |
|
|
28,761 |
|
|
|
28,845 |
|
|
|
28,691 |
|
|
|
28,909 |
|
| Weighted average common stock equivalents |
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
1 |
|
| Total weighted average common shares outstanding and common stock equivalents |
|
|
28,761 |
|
|
|
28,846 |
|
|
|
28,691 |
|
|
|
28,910 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic earnings per common share |
|
$ |
0.37 |
|
|
$ |
0.48 |
|
|
$ |
0.61 |
|
|
$ |
0.88 |
|
| Diluted earnings per common share (1) |
|
$ |
0.37 |
|
|
$ |
0.48 |
|
|
$ |
0.61 |
|
|
$ |
0.88 |
|
| Dividend payout ratio |
|
|
56.8 |
% |
|
|
41.7 |
% |
|
|
68.9 |
% |
|
|
45.5 |
% |
| |
(1) |
For the three and six months ended June 30, 2019 and 2018, there were no common stock equivalents that were anti-dilutive. |
|