Earnings Per Common Share

3 Months Ended

Mar. 31, 2016

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 anti-dilutive employee share-based awards for the three-month periods ended March 31, 2016 and 2015.



	For the Three Months Ended March 31,
	2016		2015
	(Dollars in Thousands, Except Per Share Data)
Basic earnings per common share
Net income	$	4,547	$	4,192
Less: earnings allocated to participating securities	70		73
Basic earnings allocated to common shareholders	$	4,477	$	4,119

Weighted-average common shares outstanding, excluding participating securities	8,565,050		8,525,127

Basic earnings per common share	$	0.52	$	0.48

Diluted earnings per common share
Earnings allocated to common shareholders, diluted	$	4,477	$	4,119

Weighted-average common shares outstanding, excluding participating securities	8,565,050		8,525,127
Dilutive effect of share-based awards	—		4,531
Weighted-average diluted common shares outstanding, excluding participating securities	8,565,050		8,529,658

Diluted earnings per common share	$	0.52	$	0.48