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Earnings per Common Share

6 Months Ended

Jun. 30, 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 previously 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						Six Months Ended
	June 30,						June 30,
	(in thousands, except for per share data)
	2017			2016			2017			2016
Net income available to common stockholders	$	7,659		$	10,859		$	19,499		$	21,164
Earnings allocated to participating securities		24			-			64			64
Income attributable to common stock	$	7,683		$	10,859		$	19,563		$	21,228
Weighted average common shares outstanding, including participating securities		32,008			30,129			31,991			30,082
Weighted average participating securities		(102	)		(112	)		(105	)		(91	)
Weighted average common shares outstanding		31,906			30,017			31,886			29,991
Incremental shares from assumed conversions of options, performance units and restricted shares		350			355			347			340
Weighted average common and equivalent shares outstanding		32,256			30,372			32,233			30,331

Earnings per common share:
Basic	$	0.24		$	0.36		$	0.61		$	0.71
Diluted		0.24			0.36			0.60			0.70

There were no antidilutive share equivalents as of June 30, 2017 and June 30, 2016.