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Earnings per Common Share

6 Months Ended

Jun. 30, 2016

Earnings Per Share [Abstract]

Earnings per Common Share

Note 3. Earnings per Common Share

Basic earnings per common share (“EPS”) is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding. Diluted EPS includes any additional common shares as if all potentially dilutive common shares were issued (e.g., stock options). The Company’s weighted average common shares outstanding for diluted EPS include the effect of stock options and restricted stock awards outstanding using the Treasury Stock Method, which are not included in the calculation of basic EPS.

Earnings per common share have been computed as follows:

	Three Months Ended							Six Months Ended
	June 30,							June 30,
(in thousands, except per share amounts)	2016			2015				2016				2015
Net income	$	10,859		$	10,521			$	21,250			$	20,901
Preferred stock dividends		-			(28	)			(22	)			(56	)
Net income available to common stockholders	$	10,859		$	10,493			$	21,228			$	20,845
Basic weighted average common shares outstanding		30,090			29,868				30,071				29,813
Effect of dilutive options		250			363				260				391
Diluted weighted average common shares outstanding		30,340			30,231				30,331				30,204
Earnings per common share:
Basic	$	0.36		$	0.35			$	0.71			$	0.70
Diluted		0.36			0.35				0.70				0.69