Earnings Per Share

3 Months Ended

Mar. 31, 2017

Note 3. Earnings Per Share

The Company computes earnings per share (“EPS”) in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share. The Company has no participating unvested common shares which contain nonforfeitable rights to dividends and applies the treasury stock method in computing basic and diluted earnings per share.

Basic EPS is calculated by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the period.

The diluted EPS calculation includes potential common shares assumed issued under the treasury stock method, which reflects the potential dilution that would occur if any outstanding options or warrants were exercised or restricted stock becomes vested, and includes the “if converted” method for participating securities if the effect is dilutive.

	Three Months Ended March 31,
	2017		2016
	(in thousands, except share and per share amounts)
Basic EPS:
Net income available to common shareholders - basic	$	13,524	$	24,257
Basic weighted average common shares		19,150,400		19,057,941
Basic earnings per common share	$	0.71	$	1.27
Diluted EPS:
Net income available to common shareholders - diluted	$	13,524	$	24,257
Diluted weighted average common shares:
Weighted average common shares		19,150,400		19,057,941
Stock options and performance shares		79,725		105,848
Diluted weighted average common shares		19,230,125		19,163,789
Diluted earnings per common share	$	0.70	$	1.27