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						Nine Months Ended
	September 30,						September 30,
	(in thousands, except for per share data)
	2018			2017			2018			2017
Income attributable to common stock	$	19,860		$	13,035		$	41,582		$	32,534
Earnings allocated to participating securities		42			42			98			106
Net income	$	19,902		$	13,077		$	41,680		$	32,640
Weighted average common shares outstanding, including participating securities		32,167			32,015			32,127			31,999
Weighted average participating securities		(25	)		(103	)		(34	)		(104	)
Weighted average common shares outstanding		32,142			31,912			32,093			31,895
Incremental shares from assumed conversions of options, performance units and restricted shares		177			270			220			272
Weighted average common and equivalent shares outstanding		32,319			32,182			32,313			32,167

Earnings per common share:
Basic	$	0.62		$	0.41		$	1.30		$	1.02
Diluted		0.61			0.41			1.29			1.01

There were no antidilutive share equivalents as of September 30, 2018 and September 30, 2017.