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EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2016
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

 

10.

EARNINGS PER SHARE

The Company has granted stock compensation awards with nonforfeitable dividend rights which are considered participating securities. As such, earnings per share is computed using the two-class method as required by ASC 206-10-45. Basic earnings per common share is computed by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding during the period which excludes the participating securities. Diluted earnings per common share includes the dilutive effect of additional potential common shares from stock compensation awards, but also excludes awards considered participating securities. No stock options were anti-dilutive for the three months ended September 30, 2016 and stock options for 76,317 shares were anti-dilutive for the three months ended September 30, 2015.  No stock options were anti-dilutive for the nine months ended September 30, 2016 and stock options for 76,317 shares were anti-dilutive for the nine months ended September 30, 2015.

 

 

For the Three Months Ended

September 30,

 

 

For the Nine Months Ended

September 30,

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

 

(Dollars in thousands, except per share data)

 

Net income per consolidated statements of income

$

5,153

 

 

$

4,143

 

 

$

13,803

 

 

$

11,954

 

Net income allocated to participating securities

 

(38

)

 

 

(23

)

 

 

(88

)

 

 

(60

)

Net income allocated to common stock

$

5,115

 

 

$

4,120

 

 

$

13,715

 

 

$

11,894

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share computation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Distributed earnings allocated to common stock

$

1,385

 

 

$

1,187

 

 

$

3,753

 

 

$

2,165

 

Undistributed earnings allocated to common stock

 

3,730

 

 

 

2,933

 

 

 

9,962

 

 

 

9,729

 

Net income allocated to common stock

$

5,115

 

 

$

4,120

 

 

$

13,715

 

 

$

11,894

 

Weighted average common shares outstanding, including shares

   considered participating securities

 

46,508

 

 

 

47,745

 

 

 

47,104

 

 

 

48,556

 

Less: Average participating securities

 

(341

)

 

 

(265

)

 

 

(302

)

 

 

(244

)

Weighted average shares

 

46,167

 

 

 

47,480

 

 

 

46,802

 

 

 

48,312

 

Basic earnings per common share

$

0.11

 

 

$

0.09

 

 

$

0.29

 

 

$

0.25

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per common share computation:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income allocated to common stock

$

5,115

 

 

$

4,120

 

 

$

13,715

 

 

$

11,894

 

Weighted average common shares outstanding for basic

   earnings per common share

 

46,167

 

 

 

47,480

 

 

 

46,802

 

 

 

48,312

 

Add: Dilutive effects of assumed exercises of stock options

 

225

 

 

 

264

 

 

 

214

 

 

 

270

 

Weighted average shares and dilutive potential common shares

 

46,392

 

 

 

47,744

 

 

 

47,016

 

 

 

48,582

 

Diluted earnings per common share

$

0.11

 

 

$

0.09

 

 

$

0.29

 

 

$

0.24