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Earnings Per Share
 9 Months Ended
Sep. 30, 2013
Net income per common share:  
Earnings Per Share

Note 7 – Earnings Per Share

 

Basic earnings per share is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding during the period.  For purposes of calculating  basic earnings per share, weighted average common shares outstanding excludes unallocated employee stock ownership plan (ESOP) shares that have not been committed for release and unvested restricted stock.

 

Diluted earnings per share is computed using the same method as basic earnings per share, but reflects the potential dilution that could occur if stock options and unvested shares of restricted stock were exercised and converted into common stock.  These potentially dilutive shares are included in the weighted average number of shares outstanding for the period using the treasury stock method.  When applying the treasury stock method, we add: (1) the assumed proceeds from option exercises; (2) the tax benefit, if any, that would have been credited to additional paid-in capital assuming exercise of non-qualified stock options and vesting of shares of restricted stock; and (3) the average unamortized compensation costs related to unvested shares of restricted stock and stock options.  We then divide this sum by our average stock price for the period to calculate assumed shares repurchased.  The excess of the number of shares issuable over the number of shares assumed to be repurchased is added to basic weighted average common shares to calculate diluted earnings per share.

 

The following is a summary of the Company’s earnings per share calculations and reconciliation of basic to diluted earnings per share for the periods indicated (dollars in thousands, except per share data):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the nine months ended

 

September 30,

 

September 30,

 

2013

 

2012

 

2013

 

2012

Net income available to common stockholders

$          5,100

 

$          3,894

 

$        14,191

 

$        12,790

Weighted average shares outstanding-basic
54,567,526 

 
53,951,231 

 
54,705,569 

 
54,065,697 

Effect of non-vested restricted stock and stock options outstanding
931,654 

 
837,050 

 
894,635 

 
722,000 

Weighted average shares outstanding-diluted
55,499,180 

 
54,788,281 

 
55,600,204 

 
54,787,696 

Earnings per share-basic

$            0.09

 

$            0.07

 

$            0.26

 

$            0.24

Earnings per share-diluted

$            0.09

 

$            0.07

 

$            0.26

 

$            0.23