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EARNINGS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2017
Per common share data  
Schedule of basic and diluted earnings per common share

Presented below are the calculations for basic and diluted earnings per common share for the three months ended March 31, 2017 and 2016 (dollars in thousands, except per share data):

 

 

 

 

 

 

 

 

 

    

Three Months Ended

    

 

 

March 31, 

 

 

    

2017

    

2016

    

Net income

 

$

8,490

 

$

5,119

 

Common shareholder dividends

 

 

(3,109)

 

 

(2,124)

 

Unvested restricted stock award dividends

 

 

(20)

 

 

(13)

 

Undistributed earnings to unvested restricted stock awards

 

 

(32)

 

 

(18)

 

Undistributed earnings to common shareholders

 

$

5,329

 

$

2,964

 

Basic

 

 

 

 

 

 

 

Distributed earnings to common shareholders

 

$

3,109

 

$

2,124

 

Undistributed earnings to common shareholders

 

 

5,329

 

 

2,964

 

Total common shareholders earnings, basic

 

$

8,438

 

$

5,088

 

Diluted

 

 

 

 

 

 

 

Distributed earnings to common shareholders

 

$

3,109

 

$

2,124

 

Undistributed earnings to common shareholders

 

 

5,329

 

 

2,964

 

Total common shareholders earnings

 

 

8,438

 

 

5,088

 

Add back:

 

 

 

 

 

 

 

Undistributed earnings reallocated from unvested restricted stock awards

 

 

 1

 

 

 —

 

Total common shareholders earnings, diluted

 

$

8,439

 

$

5,088

 

Weighted average common shares outstanding, basic

 

 

15,736,412

 

 

11,957,381

 

Options and warrants

 

 

615,225

 

 

271,912

 

Weighted average common shares outstanding, diluted

 

 

16,351,637

 

 

12,229,293

 

Basic earnings per common share

 

$

0.54

 

$

0.43

 

Diluted earnings per common share

 

 

0.52

 

 

0.42