Earnings Per Share

9 Months Ended

Sep. 30, 2015

The following table reconciles the components of basic earnings per share with that of diluted earnings per share for the periods presented:



	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except shares and per share data)	2015		2014		2015		2014
Numerator for Earnings per Share—Basic:
Net income	$	18,635	$	14,660	$	49,658	$	43,414
Less: Income allocated to participating shares	81		51		204		115
Net Income Allocated to Shareholders	$	18,554	$	14,609	$	49,454	$	43,299

Numerator for Earnings per Share—Diluted:
Net income	18,635		14,660		$	49,658	$	43,414
Net Income Available to Shareholders	$	18,635	$	14,660	$	49,658	$	43,414

Denominators for Earnings per Share:
Weighted Average Shares Outstanding—Basic	34,660,007		29,693,417		33,527,549		29,679,623
Add: Potentially dilutive shares	32,985		21,195		33,980		25,732
Denominator for Treasury Stock Method—Diluted	34,692,992		29,714,612		33,561,529		29,705,355

Weighted Average Shares Outstanding—Basic	34,660,007		29,693,417		33,527,549		29,679,623
Add: Average participating shares outstanding	151,972		102,980		138,441		78,835
Denominator for Two-Class Method—Diluted	34,811,979		29,796,397		33,665,990		29,758,458

Earnings per share—basic	$	0.54	$	0.49	$	1.48	$	1.46
Earnings per share—diluted	$	0.54	$	0.49	$	1.48	$	1.46
Warrants considered anti-dilutive excluded from potentially dilutive shares - exercise price $31.53 per share, expires January 2019	517,012		517,012		517,012		517,012
Stock options considered anti-dilutive excluded from potentially dilutive shares	155,500		427,362		155,500		428,233
Restricted stock considered anti-dilutive excluded from potentially dilutive shares	118,987		81,785		104,461		53,103