Earnings Per Common Share

6 Months Ended

Jun. 30, 2018

Earnings Per Share [Abstract]

Earnings Per Share [Text Block]

6. Earnings Per Common Share

Basic earnings per share are calculated using the two-class method. The two-class method is an earnings allocation formula under which earnings per share is calculated from common stock and participating securities according to dividends declared and participation rights in undistributed earnings. Under this method, all earnings distributed and undistributed, are allocated to participating securities and common shares based on their respective rights to receive dividends. Unvested share-based payment awards that contain non-forfeitable rights to dividends are considered participating securities (i.e., unvested restricted stock), not subject to performance based measures.

The following table sets forth the computation of basic and diluted earnings per common share:

	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
	(In Thousands, except per share data)
Basic Earnings Per Share:
Net income available to common shareholders	$	11,109	$	8,347	$	22,846	$	13,488
Less: Income allocated to participating securities		1		1		2		2
Net income allocated to common shareholders		11,108		8,346		22,844		13,486
Weighted average common shares outstanding including participating securities(1)		20,399		20,304		20,370		19,596
Less: Participating securities		11		10		11		10
Average common shares(1)		20,388		20,294		20,359		19,586
Basic earnings per common share	$	0.54	$	0.41		1.12		0.69
Diluted Earnings Per Share:
Net income allocated to common shareholders	$	11,108	$	8,346	$	22,844	$	13,486
Weighted average common shares outstanding for basic earnings per common share(1)		20,388		20,294		20,359		19,586
Add: Dilutive effects of stock options		104		114		107		110
Average shares and dilutive potential common shares(1)		20,492		20,408		20,466		19,696
Diluted earnings per common share	$	0.54	$	0.41		1.12		0,68

(1) Share and per share data has been adjusted for a 2-for-1 stock split on July 12, 2018.

There were no anti-dilutive shares for both the three and six month periods in 2018 excluded subject to issue upon exercise of options. There were 4,536 shares for both the three and six month periods in 2017 that were excluded from the diluted earnings per common share calculation as they were anti-dilutive.