Earnings Per Share

12 Months Ended

Dec. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 3 –EARNINGS PER SHARE

Share-based payment awards that entitle holders to receive non-forfeitable dividends before vesting are considered participating securities and thus included in the calculation of basic earnings per share under the two-class method.

The following table presents the calculation of basic and diluted earnings per share for the periods indicated.

	For the Years Ended December 31
(In thousands, except per share data)	2014			2013			2012
Income available to common shareholders	$	105,450		$	65,103		$	76,395
Earnings to unvested restricted stock		(1,652	)		(1,206	)		(1,443	)
Earnings to common shareholders - basic		103,798			63,897			74,952
Earnings reallocated to unvested restricted stock		(33	)		(3	)		6
Earnings to common shareholders - diluted	$	103,765		$	63,894		$	74,958
Weighted average shares outstanding - basic		31,307			29,052			28,901
Potential common shares		126			53			57
Weighted average shares outstanding - diluted		31,433			29,105			28,958
Weighted average shares outstanding - unvested restricted stock		518			553			553
Earnings per common share - basic	$	3.32		$	2.20		$	2.59
Earnings per common share - diluted		3.30			2.20			2.59
Earnings per unvested restricted stock share - basic		3.19			2.18			2.61
Earnings per unvested restricted stock share - diluted		3.13			2.18			2.60

Additional information on the Company’s basic earnings per common share is shown in the following table.

	For the Years Ended December 31
(Dollars in thousands, except per share data)	2014		2013		2012
Distributed earnings to common shareholders	$	43,623	$	39,685	$	39,349
Undistributed earnings to common shareholders		60,175		24,212		35,603
Total earnings to common shareholders	$	103,798	$	63,897	$	74,952
Distributed earnings to unvested restricted stock	$	694	$	749	$	758
Undistributed earnings to unvested restricted stock		958		457		685
Total earnings allocated to unvested restricted stock	$	1,652	$	1,206	$	1,443
Distributed earnings per common share	$	1.40	$	1.37	$	1.36
Undistributed earnings per common share		1.92		0.83		1.23
Total earnings per common share	$	3.32	$	2.20	$	2.59
Distributed earnings per unvested restricted stock share	$	1.34	$	1.35	$	1.37
Undistributed earnings per unvested restricted stock share		1.85		0.83		1.24
Total earnings per unvested restricted stock share	$	3.19	$	2.18	$	2.61

For the years ended December 31, 2014, 2013, and 2012, the calculations for basic shares outstanding exclude the weighted average shares owned by the Recognition and Retention Plan (“RRP”) of 625,555, 642,008, and 612,097, respectively, and are adjusted for the weighted average shares in treasury stock of 1,879,440, 2,223,306, and 1,964,825, respectively.

The effects from the assumed exercises of 13,101, 483,696, and 752,188 stock options were not included in the computation of diluted earnings per share for years ended December 31, 2014, 2013, and 2012, respectively, because such amounts would have had an antidilutive effect on earnings per common share.