XML 47 R31.htm IDEA: XBRL DOCUMENT v3.6.0.2
Earnings Per Share
 12 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):
 
 
For the Year Ended December 31,
 
2016
2015
2014
 
 
 
 
Net income available to common shareholders
$
52,128

$
54,097

$
52,962

Less: earnings allocated to participating securities
$
(623
)
$
(613
)
$
(562
)
Net earnings allocated to common shareholders
$
51,505

$
53,484

$
52,400

 
 
 
 
Distributed earnings allocated to common shares outstanding
$
25,710

$
25,212

$
23,984

Undistributed earnings allocated to common shares outstanding
25,795

28,272

28,416

Net earnings allocated to common shareholders
$
51,505

$
53,484

$
52,400

 
 
 
 
Average shares outstanding, basic
14,900

15,123

15,403

Effect of dilutive securities
13

48

85

Average shares outstanding, diluted
14,913

15,171

15,488

 
 
 
 
Basic earnings per share
$
3.46

$
3.54

$
3.40

Diluted earnings per share
$
3.45

$
3.53

$
3.38



Options to purchase approximately 2,000 shares and 13,000 shares of common stock were outstanding during the years ended December 31, 2016 and December 31, 2015, but were not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares and therefore, the effect would have been anti-dilutive. During the year ended December 31, 2014, there were no anti-dilutive options outstanding.