Earnings Per Share

3 Months Ended

Mar. 31, 2015

Earnings Per Share [Abstract]

Earnings Per Share

NOTE 11 – EARNINGS PER SHARE

Share-based payment awards that entitle holders to receive non-forfeitable dividends before vesting are considered participating securities that are included in the calculation of earnings per share using the two-class method. The two-class method is an earnings allocation formula under which earnings per share is calculated for common stock and participating securities according to dividends declared and participating rights in undistributed earnings. Under this method, all earnings, distributed and undistributed, are allocated to common shares and participating securities based on their respective rights to receive dividends.

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

	For the Three Months Ended March 31
(In thousands, except per share data)	2015			2014
Earnings per common share - basic
Net income	$	25,126		$	22,336
Dividends and undistributed earnings allocated to unvested restricted shares		(324	)		(403	)
Net income allocated to common shareholders	$	24,802		$	21,933
Weighted average common shares outstanding		33,168			29,270
Earnings per common share - basic	$	0.75		$	0.75
Earnings per common share - diluted
Net income allocated to common shareholders	$	24,802		$	21,933
Dividends and undistributed earnings allocated to unvested restricted shares		(20	)		(2	)
Net income allocated to common shareholders	$	24,782		$	21,931
Weighted average common shares outstanding		33,168			29,270
Dilutive potential common shares - stock options		67			147
Weighted average common shares outstanding - diluted		33,235			29,417
Earnings per common share - diluted	$	0.75		$	0.75

For the three months ended March 31, 2015, and 2014, the calculations for basic shares outstanding exclude the weighted average shares owned by the Recognition and Retention Plan (“RRP”) of 605,463, and 615,703, respectively.

The effects from the assumed exercises of 164,962, and 11,623 stock options were not included in the computation of diluted earnings per share for the three months ended March 31, 2015, and 2014, respectively, because such amounts would have had an antidilutive effect on earnings per common share.