Earnings Per Share

9 Months Ended

Sep. 30, 2017

Earnings per share in the table below, for the three and nine month periods ended September 30, 2017 and 2016 are calculated under the two-class method as required by ASC Topic 260, Earnings Per Share. ASC 260 provides that unvested share-based payment awards that contain nonforfeitable rights to dividends are participating securities and shall be included in the computation of earnings per share pursuant to the two-class method. The Company has issued restricted stock awards that contain such rights and are therefore considered participating securities. Basic earnings per common share are calculated by dividing net income allocable to common stock by the weighted average number of common shares, excluding participating securities, during the period. Diluted earnings per common share include the dilutive effect of participating securities.



	Three Months Ended
(in thousands, except share and per share data)	9/30/2017			9/30/2016
Basic
Net income available to common shareholders	$	17,394		$	15,138
Less: income attributable to unvested stock-based compensation awards	(266		)	(219		)
Net earnings allocated to common shareholders	17,128			14,919

Weighted average shares outstanding, including unvested stock-based compensation awards	15,197,180			15,047,113

Less: unvested stock-based compensation awards	(230,949		)	(217,891		)
Weighted average shares outstanding - Basic	14,966,231			14,829,222

Diluted
Net earnings allocated to common shareholders	17,128			14,919

Weighted average shares outstanding - Basic	14,966,231			14,829,222

Plus: incremental shares from assumed conversion of stock-based compensation awards	112,324			136,011

Weighted average shares outstanding - Diluted	15,078,555			14,965,233

Basic EPS	1.14			1.01
Diluted EPS	1.14			1.00

Stock-based compensation awards representing 21,804 and 0 of common shares during the three months ended September 30, 2017 and 2016, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been anti-dilutive.



	Nine Months Ended
(in thousands, except share and per share data)	9/30/2017			9/30/2016
Basic
Net income available to common shareholders	$	50,037		$	44,222
Less: income attributable to unvested stock-based compensation awards	(792		)	(677		)
Net earnings allocated to common shareholders	49,245			43,545

Weighted average shares outstanding, including unvested stock-based compensation awards	15,178,039			15,025,776

Less: unvested stock-based compensation awards	(240,478		)	(229,693		)
Weighted average shares outstanding - Basic	14,937,561			14,796,083

Diluted
Net earnings allocated to common shareholders	49,245			43,545

Weighted average shares outstanding - Basic	14,937,561			14,796,083

Plus: incremental shares from assumed conversion of stock-based compensation awards	125,309			114,014

Weighted average shares outstanding - Diluted	15,062,870			14,910,097

Basic EPS	3.30			2.94
Diluted EPS	3.27			2.92

Stock-based compensation awards representing approximately 21,126 and 15,994 of common shares during the nine months ended September 30, 2017 and 2016, respectively were not included in the computations of diluted earnings per common share because the effect on those periods would have been anti-dilutive.