Earnings Per Share

3 Months Ended

Mar. 31, 2016

EARNINGS PER SHARE

The following table reconciles the numerators and denominators of basic and diluted earnings per share for the periods presented:



	Three Months Ended March 31,
(in thousands, except shares and per share data)	2016		2015
Numerator for Earnings per Share—Basic:
Net income	$	16,093	$	12,835
Less: Income allocated to participating shares	41		46
Net Income Allocated to Shareholders	$	16,052	$	12,789

Numerator for Earnings per Share—Diluted:
Net income	16,093		12,835
Net Income Available to Shareholders	$	16,093	$	12,835

Denominators for Earnings per Share:
Weighted Average Shares Outstanding—Basic	34,661,016		31,232,075
Add: Potentially dilutive shares	78,498		28,873
Denominator for Treasury Stock Method—Diluted	34,739,514		31,260,948

Weighted Average Shares Outstanding—Basic	34,661,016		31,232,075
Add: Average participating shares outstanding	88,265		111,774
Denominator for Two-Class Method—Diluted	34,749,281		31,343,849

Earnings per share—basic	$	0.46	$	0.41
Earnings per share—diluted	$	0.46	$	0.41
Warrants considered anti-dilutive excluded from potentially dilutive shares - exercise price $31.53 per share, expires January 2019	517,012		517,012
Stock options considered anti-dilutive excluded from potentially dilutive shares	—		155,500
Restricted stock considered anti-dilutive excluded from potentially dilutive shares	81,840		82,901