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Earnings Per Common Share
 3 Months Ended
Mar. 31, 2015
Earnings Per Share [Abstract]  
Earnings Per Common Share
Earnings Per Common Share
Earnings per common share are computed using the two-class method. Basic earnings per common share are computed by dividing net income allocated to common shares by the weighted average number of shares outstanding during the applicable period, excluding outstanding participating securities. Participating securities include unvested restricted shares. Unvested restricted shares are considered participating securities because holders of these securities receive non-forfeitable dividends at the same rate as holders of the Corporation’s common stock. Diluted earnings per share are computed by dividing net income allocated to common shares adjusted for reallocation of undistributed earnings of unvested restricted shares by the weighted average number of shares determined for the basic earnings per common share computation plus the dilutive effect of common stock equivalents using the treasury stock method.
There were no average anti-dilutive employee share-based awards for the three-month periods ended March 31, 2015 and 2014.
 
 
For the Three Months Ended March 31,
 
 
2015
 
2014
 
 
(Dollars in Thousands, Except Per Share Data)
Basic earnings per common share
 
 
 
 
Net income
 
$
4,192

 
$
3,337

Less: earnings allocated to participating securities
 
73

 
72

Basic earnings allocated to common shareholders
 
$
4,119

 
$
3,265

 
 
 
 
 
Weighted-average common shares outstanding, excluding participating securities
 
4,260,249

 
3,859,503

 
 
 
 
 
Basic earnings per common share
 
$
0.97

 
$
0.85

 
 
 
 
 
Diluted earnings per common share
 
 
 
 
Earnings allocated to common shareholders
 
$
4,119

 
$
3,265

Reallocation of undistributed earnings
 
—

 
—

Diluted earnings allocated to common shareholders
 
$
4,119

 
$
3,265

 
 
 
 
 
Weighted-average common shares outstanding, excluding participating securities
 
4,260,249

 
3,859,503

Dilutive effect of share-based awards
 
2,265

 
21,058

Weighted-average diluted common shares outstanding, excluding participating securities
 
4,262,514

 
3,880,561

 
 
 
 
 
Diluted earnings per common share
 
$
0.97

 
$
0.84