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Earnings per Weighted Average Common Share
 6 Months Ended
Jun. 30, 2017
Earnings per Weighted Average Common Share  
Earnings per Weighted Average Common Share

3.  Earnings per Weighted Average Common Share

 

Basic earnings per weighted average common share (“EPS”) are calculated by dividing net income by the weighted average number of basic common shares outstanding during the period.  Diluted earnings per share amounts are based on the weighted average number of common shares including non-vested performance stock grants and the net effect of potentially dilutive common stock options.

 

The following table sets forth the computation of basic and diluted EPS for the periods indicated.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended  June 30, 

 

Six Months Ended June 30, 

 

 

2017

 

2016

 

2017

 

2016

Earnings attributable to common shareholders - basic and diluted:

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

$

21,105

 

$

21,365

 

$

33,124

 

$

34,035

Allocation of income for participating shares

 

 

(130)

 

 

(138)

 

 

(212)

 

 

(319)

Net income from continuing operations attributed to common shareholders

 

$

20,975

 

$

21,227

 

$

32,912

 

$

33,716

Earnings per share denominator - basic and diluted

 

 

 

 

 

 

 

 

 

 

 

 

Total weighted average common shares outstanding, including participating shares

 

 

15,113,414

 

 

15,057,436

 

 

15,096,642

 

 

15,073,479

Less: weighted average participating shares

 

 

(93,386)

 

 

(96,920)

 

 

(96,515)

 

 

(141,242)

Basic earnings per share denominator

 

 

15,020,028

 

 

14,960,516

 

 

15,000,127

 

 

14,932,237

Common equivalent shares- stock options

 

 

 —

 

 

 —

 

 

 —

 

 

269

Common equivalent shares- non-vested performance stock grants

 

 

94,256

 

 

80,561

 

 

105,427

 

 

56,040

Diluted earnings per share denominator

 

 

15,114,284

 

 

15,041,077

 

 

15,105,554

 

 

14,988,546

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

1.40

 

$

1.42

 

$

2.19

 

$

2.26

Diluted earnings per share

 

$

1.39

 

$

1.41

 

$

2.18

 

$

2.25

 

 

 

 

 

 

 

 

 

 

 

 

 

Undistributed earnings attributable to common shareholders - basic and diluted:

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations attributable to common shareholders -Basic

 

$

1.40

 

$

1.42

 

$

2.19

 

$

2.26

Dividends declared

 

 

(0.70)

 

 

(0.70)

 

 

(1.40)

 

 

(1.40)

Undistributed earnings

 

$

0.70

 

$

0.72

 

$

0.79

 

$

0.86

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations attributable to common shareholders -Diluted

 

$

1.39

 

$

1.41

 

$

2.18

 

$

2.25

Dividends declared

 

 

(0.70)

 

 

(0.70)

 

 

(1.40)

 

 

(1.40)

Undistributed earnings

 

$

0.69

 

$

0.71

 

$

0.78

 

$

0.85

 

 Diluted EPS excludes stock options with exercise prices and exercise tax benefits greater than the average market price of the Company’s common stock during the period because their inclusion would be anti-dilutive. There were zero and 53 anti-dilutive shares related to non vested performance stock grants for the three months ended June 30,  2017 and 2016, respectively. There were 38 and 1,271 anti-dilutive shares related to non vested performance stock grants for the six months ended June 30, 2017 and 2016, respectively.