Earnings Per Share

9 Months Ended

Sep. 30, 2019

2 - EARNINGS PER SHARE

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



	Nine Months Ended				Three Months Ended
	September 30,				September 30,
(dollars in thousands, except per share data)	2019		2018		2019		2018
Net income	$	32,368	$	31,483	$	10,783	$	10,057
Income allocated to participating securities (1)		—		86		—		26
Income allocated to common stockholders	$	32,368	$	31,397	$	10,783	$	10,031

Weighted average:
Common shares		24,855,562		25,236,889		24,470,249		25,409,087
Dilutive stock options and restricted stock units (1)		177,072		174,095		192,860		144,933
		25,032,634		25,410,984		24,663,109		25,554,020
Earnings per share:
Basic		$1.30		$1.24		$0.44		$0.39
Diluted		1.29		1.24		0.44		0.39

(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.