Earnings Per Share

9 Months Ended

Sep. 30, 2015

EARNINGS PER SHARE

Basic earnings per common share data is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Common shares outstanding include common stock and restricted stock awards where recipients have satisfied the vesting terms. Diluted earnings per common share gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and the if-converted method for convertible trust preferred securities.

The following table presents a summary of per common share data and amounts for the periods indicated.



	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per share data)	2015		2014		2015		2014
Net income as reported	$	9,709	$	8,198	$	27,771	$	21,206
Impact of assumed conversions
Interest on 9% convertible trust preferred securities, net of income tax	—		—		—		66
Net income available to common shareholders and assumed conversions	$	9,709	$	8,198	$	27,771	$	21,272

Weighted average common shares outstanding	19,995		19,838		19,970		19,729
Incremental shares from assumed conversions of convertible trust preferred securities	—		—		—		76
Additional dilutive common stock equivalents	266		142		266		165
Weighted average diluted common shares outstanding	$	20,261	$	19,980	$	20,236	$	19,970

Basic earnings per common share:	$	0.49	$	0.41	$	1.39	$	1.07
Diluted earnings per common share:	$	0.48	$	0.41	$	1.37	$	1.07

For the three and nine months ended September 30, 2015 and 2014, the amount of common stock equivalents excluded from the earnings per share calculations because their effect was anti-dilutive was 0.1 million, and 0.3 million common stock equivalents, respectively.