Earnings Per Share

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
(in thousands, except shares and per share data)	2016		2015		2016		2015
Numerator for Earnings per Share—Basic:
Net income	$	20,581	$	18,635	$	53,733	$	49,658
Less: Income allocated to participating shares	68		81		167		204
Net Income Allocated to Shareholders	$	20,513	$	18,554	$	53,566	$	49,454

Numerator for Earnings per Share—Diluted:
Net income	$	20,581	$	18,635	$	53,733	$	49,658
Net Income Available to Shareholders	$	20,581	$	18,635	$	53,733	$	49,658

Denominators for Earnings per Share:
Weighted Average Shares Outstanding—Basic	34,687,487		34,660,007		34,674,453		33,527,549
Add: Potentially dilutive shares	81,018		32,985		72,724		33,980
Denominator for Treasury Stock Method—Diluted	34,768,505		34,692,992		34,747,177		33,561,529

Weighted Average Shares Outstanding—Basic	34,687,487		34,660,007		34,674,453		33,527,549
Add: Average participating shares outstanding	114,746		151,972		108,414		138,441
Denominator for Two-Class Method—Diluted	34,802,233		34,811,979		34,782,867		33,665,990

Earnings per share—basic	$	0.59	$	0.54	$	1.55	$	1.48
Earnings per share—diluted	$	0.59	$	0.54	$	1.54	$	1.48
Warrants considered anti-dilutive excluded from potentially dilutive shares - exercise price $31.53 per share, expire January 2019	517,012		517,012		517,012		517,012
Stock options considered anti-dilutive excluded from potentially dilutive shares - expired in December 2015	—		155,500		—		155,500
Restricted stock considered anti-dilutive excluded from potentially dilutive shares	146,695		118,987		134,983		104,461