Earnings Per Share

6 Months Ended

Jun. 30, 2015

The following table reconciles the components of basic earnings per share with that of diluted earnings per share for the periods presented:



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except shares and per share data)	2015		2014		2015		2014
Numerator for Earnings per Share—Basic:
Net income	$	18,188	$	14,720	$	31,023	$	28,753
Less: Income allocated to participating shares	79		29		123		64
Net Income Allocated to Shareholders	$	18,109	$	14,691	$	30,900	$	28,689

Numerator for Earnings per Share—Diluted:
Net income	18,188		14,720		$	31,023	$	28,753
Net Income Available to Shareholders	$	18,188	$	14,720	$	31,023	$	28,753

Denominators for Earnings per Share:
Weighted Average Shares Outstanding—Basic	34,652,895		29,684,300		32,951,936		29,672,611
Add: Potentially dilutive shares	28,283		16,894		36,359		27,559
Denominator for Treasury Stock Method—Diluted	34,681,178		29,701,194		32,988,295		29,700,170

Weighted Average Shares Outstanding—Basic	34,652,895		29,684,300		32,951,936		29,672,611
Add: Average participating shares outstanding	151,134		58,973		131,563		66,563
Denominator for Two-Class Method—Diluted	34,804,029		29,743,273		33,083,499		29,739,174

Earnings per share—basic	$	0.52	$	0.49	$	0.94	$	0.97
Earnings per share—diluted	$	0.52	$	0.49	$	0.94	$	0.97
Warrants considered anti-dilutive excluded from potentially dilutive shares - exercise price $31.53 per share, expires January 2019	517,012		517,012		517,012		517,012
Stock options considered anti-dilutive excluded from potentially dilutive shares	155,500		428,493		155,500		428,676
Restricted stock considered anti-dilutive excluded from potentially dilutive shares	122,851		42,079		95,204		39,005