Earnings per Common Share

3 Months Ended

Mar. 31, 2017

Note 3. Earnings per Common 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.

Earnings per common share have been computed based on the following:

	Three Months Ended
	March 31,
(dollars in thousands, except for per share data)	2017			2016
Net income available to common stockholders	$	11,880		$	10,369
Earnings allocated to participating securities		27			22
Income attributable to common stock	$	11,853		$	10,347

Weighted average common shares outstanding, including
participating securities		31,938			30,020
Weighted average participating securities		(72	)		(63	)
Weighted average common shares outstanding		31,866			29,957
Incremental shares from assumed conversions of options,
performance units and restricted shares		327			289
Weighted average common and equivalent shares outstanding		32,193			30,246

Earnings per common share:
Basic	$	0.37		$	0.35
Diluted		0.37			0.34

There were no antidilutive share equivalents as of March 31, 2017 and March 31, 2016.