Earnings Per Share

Earnings per share in the table below, for the three and six month periods ended June 30, 2018 and 2017 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)	6/30/2018			6/30/17
Basic
Net income available to common shareholders	$	22,059		$	16,926
Less: income attributable to unvested stock-based compensation awards	(359		)	(266		)
Net earnings allocated to common shareholders	21,700			16,660

Weighted average shares outstanding, including unvested stock-based compensation awards	15,280,412			15,184,835

Less: unvested stock-based compensation awards	(242,351		)	(239,901		)
Weighted average shares outstanding - Basic	15,038,061			14,944,934

Diluted
Net earnings allocated to common shareholders	21,700			16,660

Weighted average shares outstanding - Basic	15,038,061			14,944,934

Plus: incremental shares from assumed conversion of stock-based compensation awards	97,909			121,927

Weighted average shares outstanding - Diluted	15,135,970			15,066,861

Basic EPS	1.44			1.11
Diluted EPS	1.43			1.11

Stock-based compensation awards representing 19,668 and 21,317 of common shares during the three months ended June 30, 2018 and 2017, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive.



	Six Months Ended
(in thousands, except share and per share data)	6/30/2018			6/30/2017
Basic
Net income available to common shareholders	$	42,495		$	32,642
Less: income attributable to unvested stock-based compensation awards	(706		)	(527		)
Net earnings allocated to common shareholders	41,789			32,115

Weighted average shares outstanding, including unvested stock-based compensation awards	15,276,194			15,168,310

Less: unvested stock-based compensation awards	(250,402		)	(245,242		)
Weighted average shares outstanding - Basic	15,025,792			14,923,068

Diluted
Net earnings allocated to common shareholders	41,789			32,115

Weighted average shares outstanding - Basic	15,025,792			14,923,068

Plus: incremental shares from assumed conversion of stock-based compensation awards	98,475			131,802

Weighted average shares outstanding - Diluted	15,124,267			15,054,870

Basic EPS	2.78			2.15
Diluted EPS	2.76			2.13

Stock-based compensation awards representing approximately 20,067 and 41,559 of common shares during the six months ended June 30, 2018 and 2017, respectively were not included in the computations of diluted earnings per common share because the effect on those periods would have been antidilutive.