Earnings Per Share

3 Months Ended

Mar. 31, 2019

2 - EARNINGS PER SHARE

The following table sets forth the calculation of basic and diluted earnings per share (“EPS”) for the periods indicated.



	Three Months Ended
	March 31,
(dollars in thousands, except per share data)	2019		2018
Net income	$	10,841	$	11,111
Income allocated to participating securities (1)		—		37
Income allocated to common stockholders	$	10,841	$	11,074

Weighted average:
Common shares		25,284,357		24,962,520
Dilutive stock options and restricted stock units (1)		156,204		204,345
		25,440,561		25,166,865
Earnings per share:
Basic		$.43		$.44
Diluted		.43		.44

(1) Restricted stock units (“RSUs”) awarded in 2016 accrued dividends at the same rate as the dividends declared by the Board of Directors on the Corporation’s common stock. For purposes of computing EPS, these RSUs were considered to participate with common stock in the earnings of the Corporation and, therefore, the Corporation calculated basic and diluted EPS using the two-class method. Substantially all of the RSUs awarded in 2016 vested on December 31, 2018. As a result, beginning in 2019, the Corporation calculates basic and dilutive EPS using the treasury stock method.