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EARNINGS PER SHARE | 6 Months Ended
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Jun. 30, 2016
EARNINGS PER SHARE |
EARNINGS PER SHARE | 2. EARNINGS PER SHARE Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) No. 260-10-45 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the earnings allocation in computing earnings per share (“EPS”). The restricted stock awards and certain restricted stock units granted by the Company contain non-forfeitable rights to dividends and therefore are considered participating securities. The two-class method for calculating basic EPS excludes dividends paid to participating securities and any undistributed earnings attributable to participating securities. The computation of EPS for the three and six months ended June 30, 2016 and 2015 is as follows:
|  | Three months ended, |  |  | Six months ended |
|  | June 30, |  |  | June 30, |
(In thousands, except per share data) |  | 2016 |  |  | 2015 |  |  | 2016 |  |  | 2015 |
Net Income |  | $ | 8,854 |  |  | $ | 463 |  |  | $ | 17,480 |  |  | $ | 5,226 |
Dividends paid on and earnings allocated to participating securities |  |  | (181 | ) |  |  | (16 | ) |  |  | (351 | ) |  |  | (131 | )
Income attributable to common stock |  | $ | 8,673 |  |  | $ | 447 |  |  | $ | 17,129 |  |  | $ | 5,095 |
Weighted average common shares outstanding, including participating securities |  |  | 17,507 |  |  |  | 12,488 |  |  |  | 17,493 |  |  |  | 12,106 |
Weighted average participating securities |  |  | (358 | ) |  |  | (305 | ) |  |  | (356 | ) |  |  | (303 | )
Weighted average common shares outstanding |  |  | 17,149 |  |  |  | 12,183 |  |  |  | 17,137 |  |  |  | 11,803 |
Basic earnings per common share |  | $ | 0.51 |  |  | $ | 0.04 |  |  | $ | 1.00 |  |  | $ | 0.43 |
Income attributable to common stock |  | $ | 8,673 |  |  | $ | 447 |  |  | $ | 17,129 |  |  | $ | 5,095 |
Impact of assumed conversions - interest on 8.5% trust preferred securities |  |  | 223 |  |  |  | - |  |  |  | 444 |  |  |  | - |
Income attributable to common stock including assumed conversions |  | $ | 8,896 |  |  | $ | 447 |  |  | $ | 17,573 |  |  | $ | 5,095 |
Weighted average common shares outstanding |  |  | 17,149 |  |  |  | 12,183 |  |  |  | 17,137 |  |  |  | 11,803 |
Incremental shares from assumed conversions of options and restricted stock units |  |  | 14 |  |  |  | 3 |  |  |  | 9 |  |  |  | 3 |
Incremental shares from assumed conversions of 8.5% trust preferred securities |  |  | 530 |  |  |  | - |  |  |  | 523 |  |  |  | - |
Weighted average common and equivalent shares outstanding |  |  | 17,693 |  |  |  | 12,186 |  |  |  | 17,669 |  |  |  | 11,806 |
Diluted earnings per common share |  | $ | 0.50 |  |  | $ | 0.04 |  |  | $ | 0.99 |  |  | $ | 0.43 |
There were no stock options that were antidilutive at June 30, 2016. There were 34,739 options outstanding at June 30, 2015 that were not included in the computation of diluted earnings per share because the options’ exercise prices were greater than the average market price of common stock and were, therefore, antidilutive. The $16.0 million in convertible trust preferred securities outstanding at June 30, 2016 and 2015, were dilutive for the three and six months ended June 30, 2016 and therefore were included in the computation of diluted earnings per share for those periods but were not included in the computation of diluted earnings per share for the three and six months ended June 30, 2015 because the assumed conversion of the trust preferred securities was antidilutive during those periods.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64863997&loc=d3e1278-109256 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=64863997&loc=d3e1252-109256 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 55 -Paragraph 52 -URI http://asc.fasb.org/extlink&oid=65016374&loc=d3e4984-109258 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 225 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.21) -URI http://asc.fasb.org/extlink&oid=63488584&loc=d3e20235-122688 + Details
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