Earnings per Common Share

3 Months Ended

Mar. 31, 2018

Earnings per common share

Earnings per Common Share

Note 3. Earnings per Common Share

Financial Accounting Standards Board Accounting Standards Codification (“FASB ASC”) No. 260-10-45 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting and, therefore, need to be included in the earnings allocation in computing earnings per share (“EPS”). The restricted stock awards previously granted by the Company contain non-forfeitable rights to dividends and therefore are considered participating securities. The two-class method for calculating basic EPS excludes dividends paid to participating securities and any undistributed earnings attributable to participating securities.

Earnings per common share have been computed based on the following:

	Three Months Ended
	March 31,
(dollars in thousands, except for per share data)	2018			2017
Net income available to common stockholders	$	4,251		$	11,880
Earnings allocated to participating securities		(12	)		(27	)
Income attributable to common stock	$	4,239		$	11,853
Weighted average common shares outstanding, including participating securities		32,116			31,938
Weighted average participating securities		(94	)		(72	)
Weighted average common shares outstanding		32,022			31,866
Incremental shares from assumed conversions of options,
performance units and restricted shares		274			327
Weighted average common and equivalent shares outstanding		32,296			32,193
Earnings per common share:
Basic	$	0.13		$	0.37
Diluted		0.13			0.37

There were no antidilutive share equivalents as of March 31, 2018 and March 31, 2017.