Earnings Per Share

3 Months Ended

Mar. 31, 2016

Earnings Per Share [Abstract]

Earnings Per Share

8. Earnings Per Share

Earnings per share in the table below, for the three months ending March 31, 2016 and 2015 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 additional potential shares from stock compensations awards.

	Three Months Ended
(in thousands, except share and per share data)	03/31/2016			03/31/2015
Basic
Net income available to common shareholders	$	14,180		$	12,680
Less: dividends and undistributed earnings allocated to unvested restricted stock awards		(229	)		(182	)
Net earnings allocated to common shareholders		13,951			12,498
Weighted average shares outstanding, including participating securities		15,002,332			14,920,648
Less: average participating securities		(242,056	)		(219,251	)
Weighted average shares outstanding - Basic		14,760,276			14,701,397
Diluted
Net earnings allocated to common shareholders		13,956			12,498
Weighted average shares outstanding - Basic		14,760,276			14,701,397
Dilutive effect of common stock options or restricted stock awards		145,643			136,538
Weighted average shares outstanding - Diluted		14,905,919			14,837,935
Basic EPS		0.95			0.85
Diluted EPS		0.94			0.84

The dilutive effect of common stock options or restricted awards calculation for the three months ended March 31, 2016 and 2015 excludes stock options, stock appreciation rights and restricted stock awards covering an aggregate of 48,515 and 81,495 shares, respectively, because the exercise prices were greater than the average market price during these periods.