Earnings Per Share

Earnings per share in the table below, for the three month periods ended March 31, 2019 and 2018 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)	3/31/2019			3/31/2018
Basic
Net income available to common shareholders	$	21,040		$	20,436
Less: income attributable to unvested stock-based compensation awards	(349		)	(347		)
Net earnings allocated to common shareholders	20,691			20,089

Weighted average shares outstanding, including unvested stock-based compensation awards	15,313,635			15,271,930

Less: unvested stock-based compensation awards	(253,460		)	(258,452		)
Weighted average shares outstanding - Basic	15,060,175			15,013,478

Diluted
Net earnings allocated to common shareholders	20,691			20,089

Weighted average shares outstanding - Basic	15,060,175			15,013,478

Plus: incremental shares from assumed conversion of stock-based compensation awards	76,348			99,040
Weighted average shares outstanding - Diluted	15,136,523			15,112,518

Basic EPS	1.37			1.34
Diluted EPS	1.37			1.33

Stock-based compensation awards representing 18,886 and 20,242 of common shares during the three months ended March 31, 2019 and 2018, respectively, were not included in the computations of diluted earnings per common share because the effect on those periods would have been anti-dilutive.