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EARNINGS PER SHARE | 9 Months Ended
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Sep. 30, 2017
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 following table presents the computation of EPS for the three and nine months ended September 30, 2017 and 2016:
|  | Three Months Ended |  |  | Nine Months Ended |
|  | September 30, |  |  | September 30, |
(In thousands, except per share data) |  | 2017 |  |  | 2016 |  |  | 2017 |  |  | 2016 |
Net Income |  | $ | 9,443 |  |  | $ | 8,851 |  |  | $ | 27,455 |  |  | $ | 26,331 |
Dividends paid on and earnings allocated to participating securities |  |  | (197 | ) |  |  | (188 | ) |  |  | (557 | ) |  |  | (542 | )
Income attributable to common stock |  | $ | 9,246 |  |  | $ | 8,663 |  |  | $ | 26,898 |  |  | $ | 25,789 |
Weighted average common shares outstanding, including participating securities |  |  | 19,793 |  |  |  | 17,537 |  |  |  | 19,748 |  |  |  | 17,511 |
Weighted average participating securities |  |  | (412 | ) |  |  | (372 | ) |  |  | (405 | ) |  |  | (365 | )
Weighted average common shares outstanding |  |  | 19,381 |  |  |  | 17,165 |  |  |  | 19,343 |  |  |  | 17,146 |
Basic earnings per common share |  | $ | 0.48 |  |  | $ | 0.50 |  |  | $ | 1.39 |  |  | $ | 1.50 |
Income attributable to common stock |  | $ | 9,246 |  |  | $ | 8,663 |  |  | $ | 26,898 |  |  | $ | 25,789 |
Impact of assumed conversions - interest on 8.5% trust preferred securities |  |  | - |  |  |  | 219 |  |  |  | 32 |  |  |  | 661 |
Income attributable to common stock including assumed conversions |  | $ | 9,246 |  |  | $ | 8,882 |  |  | $ | 26,930 |  |  | $ | 26,450 |
Weighted average common shares outstanding |  |  | 19,381 |  |  |  | 17,165 |  |  |  | 19,343 |  |  |  | 17,146 |
Incremental shares from assumed conversions of options and restricted stock units |  |  | 25 |  |  |  | 15 |  |  |  | 21 |  |  |  | 11 |
Incremental shares from assumed conversions of 8.5% trust preferred securities |  |  | - |  |  |  | 546 |  |  |  | 23 |  |  |  | 531 |
Weighted average common and equivalent shares outstanding |  |  | 19,406 |  |  |  | 17,726 |  |  |  | 19,387 |  |  |  | 17,688 |
Diluted earnings per common share |  | $ | 0.48 |  |  | $ | 0.50 |  |  | $ | 1.39 |  |  | $ | 1.50 |
There were no stock options outstanding for the nine months ended September 30, 2017. There were no stock options that were antidilutive for the nine months ended September 30, 2016. There were no restricted stock units that were antidilutive for the three and nine months ended September 30, 2017 and 2016. The $15.7 million in trust preferred securities outstanding at December 31, 2016 were redeemed effective January 18, 2017 and therefore were not included in the computation of diluted earnings per share for the three months ended September 30, 2017, but were dilutive for the nine months ended September 30, 2017 and therefore were included in the computation of diluted earnings per share for that period. The $15.8 million in trust preferred securities outstanding at September 30, 2016 were dilutive for the three and nine months ended September 30, 2016 and therefore were included in the computation of diluted earnings per share for 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 -URI http://asc.fasb.org/topic&trid=2144383 + Details
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