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Earnings Per Share
 12 Months Ended
Dec. 31, 2014
Earnings Per Share [Abstract]  
Earnings Per Share
13. Earnings Per Share

Diluted earnings per share includes common shares assumed issued under the “treasury stock method,” which reflects the potential dilution that would occur if any outstanding options are exercised. Diluted earnings per share also includes the “if converted” method for participating securities if the result is dilutive. Diluted EPS is calculated as the more dilutive result of either the treasury method or the two-class method.

The calculation of basic and diluted EPS for the years ended December 31, 2014, 2013 and 2012 are presented below.

 

  For the Year Ended December 31,
2014 2013 2012
  (in thousands, except earnings per share amounts)

Basic EPS:

Net income, as reported

  $     53,666         $     43,637         $     29,353       

Less allocated income to participating securities

   —       142      22   
 

 

 

 

  

 

 

 

  

 

 

 

Net income available to common shareholders – basic

  $ 53,666     $ 43,495     $ 29,331   
 

 

 

 

  

 

 

 

  

 

 

 

Basic weighted-average common shares

   18,646      18,373      18,166   

Basic earnings per share

  $ 2.88     $ 2.37     $ 1.62   

Diluted EPS:

Net income available to common shareholders - diluted

  $ 53,666     $ 43,495     $ 29,331   
 

 

 

 

  

 

 

 

  

 

 

 

Diluted weighted average common shares:

Weighted average common shares

   18,646      18,373      18,166   

Stock options and performance shares

   282      376      409   
 

 

 

 

  

 

 

 

  

 

 

 

Diluted weighted average common shares

   18,928      18,749      18,575   

Diluted earnings per common share

  $ 2.84    $ 2.32     $ 1.58   

The table below sets forth the reconciliation of the weighted average shares used for the basic and diluted EPS calculation. Under the two-class method, unvested stock options, and out-of-money vested stock options are not considered to be participating securities.

 

  Years Ended
2014 2013 2012

Basic weighted average common shares

   18,646,128         18,373,033         18,166,261      

Add: Other common shares eligible for common dividends:

Weighted average restricted shares and stock options (including tax benefit component)

   282,376      375,776      408,930   
 

 

 

 

  

 

 

 

  

 

 

 

Diluted weighted average common shares

       18,928,504          18,748,809          18,575,191