XML 81 R19.htm IDEA: XBRL DOCUMENT v3.3.0.814
Earnings Per Share
 9 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
Earnings Per Share
EARNINGS PER SHARE
Share-based payment awards that entitle holders to receive non-forfeitable dividends before vesting are considered participating securities that are included in the calculation of earnings per share using the two-class method. The two-class method is an earnings allocation formula under which earnings per share is calculated for common stock and participating securities according to dividends declared and participating rights in undistributed earnings. Under this method, all earnings, distributed and undistributed, are allocated to common shares and participating securities based on their respective rights to receive dividends.
The following table presents the calculation of basic and diluted earnings per share for the periods indicated.
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(In thousands, except per share data)
2015
 
2014
 
2015
 
2014
Earnings per common share - basic
 
 
 
 
 
 
 
Net income
$
42,475

 
$
30,893

 
$
98,437

 
$
69,445

Dividends and undistributed earnings allocated to unvested restricted shares
(492
)
 
(462
)
 
(1,171
)
 
(1,114
)
Net income allocated to common shareholders - basic
$
41,983

 
$
30,431

 
$
97,266

 
$
68,331

Weighted average common shares outstanding
40,514

 
32,803

 
37,436

 
30,791

Earnings per common share - basic
$
1.04

 
$
0.93

 
$
2.60

 
$
2.22

Earnings per common share - diluted
 
 
 
 
 
 
 
Net income allocated to common shareholders - basic
$
41,983

 
$
30,431

 
$
97,266

 
$
68,331

Dividends and undistributed earnings allocated to unvested restricted shares
(3
)
 
(4
)
 
(41
)
 
(24
)
Net income allocated to common shareholders - diluted
$
41,980

 
$
30,427

 
$
97,225

 
$
68,307

Weighted average common shares outstanding
40,514

 
32,803

 
37,436

 
30,791

Dilutive potential common shares - stock options
100

 
124

 
96

 
132

Weighted average common shares outstanding - diluted
40,614

 
32,927

 
37,532

 
30,923

Earnings per common share - diluted
$
1.03

 
$
0.92

 
$
2.59

 
$
2.21


For the three months ended September 30, 2015, and 2014, the calculations for basic shares outstanding exclude the weighted average shares owned by the Recognition and Retention Plan (“RRP”) of 616,307, and 621,341, respectively. For the nine months ended September 30, 2015, and 2014, basic shares outstanding exclude 606,621 and 630,320 shares owned by the RRP, respectively.
The effects from the assumed exercises of 82,310, and 12,765 stock options were not included in the computation of diluted earnings per share for the three months ended September 30, 2015, and 2014, respectively, because such amounts would have had an antidilutive effect on earnings per common share. For the nine months ended September 30, 2015, and 2014, the effects from the assumed exercise of 79,690 and 12,765 stock options, respectively, were not included in the computation of diluted earnings per share because such amounts would have had an antidilutive effect on earnings per common share.