Earnings Per Share

6 Months Ended

Jun. 30, 2016

EARNINGS PER SHARE

The following table reconciles the numerators and denominators of basic and 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)	2016		2015		2016		2015
Numerator for Earnings per Share—Basic:
Net income	$	17,059	$	18,188	$	33,152	$	31,023
Less: Income allocated to participating shares	60		79		101		123
Net Income Allocated to Shareholders	$	16,999	$	18,109	$	33,051	$	30,900

Numerator for Earnings per Share—Diluted:
Net income	$	17,059	$	18,188	$	33,152	$	31,023
Net Income Available to Shareholders	$	17,059	$	18,188	$	33,152	$	31,023

Denominators for Earnings per Share:
Weighted Average Shares Outstanding—Basic	34,674,712		34,652,895		34,666,773		32,951,936
Add: Potentially dilutive shares	89,853		28,283		80,890		36,359
Denominator for Treasury Stock Method—Diluted	34,764,565		34,681,178		34,747,663		32,988,295

Weighted Average Shares Outstanding—Basic	34,674,712		34,652,895		34,666,773		32,951,936
Add: Average participating shares outstanding	122,160		151,134		105,794		131,563
Denominator for Two-Class Method—Diluted	34,796,872		34,804,029		34,772,567		33,083,499

Earnings per share—basic	$	0.49	$	0.52	$	0.96	$	0.94
Earnings per share—diluted	$	0.49	$	0.52	$	0.95	$	0.94
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 - expired in December 2015	—		155,500		—		155,500
Restricted stock considered anti-dilutive excluded from potentially dilutive shares	144,998		122,851		117,796		95,204