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Earnings per Common Share and Dividends Declared per Common Share
 9 Months Ended
Sep. 30, 2017
Earnings per Common Share and Dividends Declared per Common Share  
Earnings per Common Share and Dividends Declared per Common Share

3.  Earnings per Common Share and Dividends Declared per Common Share

 

Earnings per common share is calculated based on the two-class method prescribed in ASC 260, Earnings per Share.  The two-class method is an allocation of undistributed earnings to common stock and securities that participate in dividends with common stock.  The Company’s restricted stock awards are considered participating securities since the recipients receive non-forfeitable dividends on unvested awards.  The impact of participating securities is included in basic earnings per common share for the three and nine months ended September 30, 2017 and 2016.  Income allocated to common shares and weighted average shares outstanding used in the calculation of basic and diluted earnings per common share are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended

 

Nine months ended

 

 

 

September 30, 

 

September 30, 

 

(in thousands, except share and per share amounts)

 

2017

  

2016

  

2017

  

2016

 

Net income available to common shareholders

 

$

11,193

 

$

10,269

 

$

29,296

 

$

26,166

 

Dividends and undistributed earnings allocated to participating securities

 

 

(109)

 

 

(116)

 

 

(296)

 

 

(300)

 

Earnings allocated to common shares (1)

 

$

11,084

 

$

10,153

 

$

29,000

 

$

25,866

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares - issued

 

 

41,783,604

 

 

41,434,195

 

 

41,713,831

 

 

41,334,632

 

Average unvested restricted share awards

 

 

(406,406)

 

 

(462,927)

 

 

(421,174)

 

 

(472,885)

 

Weighted average common shares outstanding - basic

 

 

41,377,198

 

 

40,971,268

 

 

41,292,657

 

 

40,861,747

 

Dilutive potential common shares

 

 

404,218

 

 

220,779

 

 

400,977

 

 

180,676

 

Weighted average common shares outstanding - diluted

 

 

41,781,416

 

 

41,192,047

 

 

41,693,634

 

 

41,042,423

 

Weighted average antidilutive securities outstanding (2)

 

 

41,101

 

 

118,596

 

 

27,336

 

 

158,154

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.27

 

$

0.25

 

$

0.70

 

$

0.63

 

Diluted

 

$

0.27

 

$

0.25

 

$

0.70

 

$

0.63

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per share

 

$

0.055

 

$

0.050

 

$

0.155

 

$

0.140

 

(1)

Earnings allocated to common shareholders for basic earnings per common share under the two-class method may differ from earnings allocated for diluted earnings per common share when use of the treasury method results in greater dilution than the two-class method.

(2)

Antidilutive shares excluded from the diluted earnings per common share computation.