XML 31 R19.htm IDEA: XBRL DOCUMENT v3.4.0.3
Earnings Per Share
 3 Months Ended
Mar. 31, 2016
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 March 31,
(In thousands, except per share data)
2016
 
2015
Earnings per common share - basic
 
 
 
Net income
$
42,769

 
$
25,126

Preferred stock dividends
(2,576
)
 
—

Dividends and undistributed earnings allocated to unvested restricted shares
(460
)
 
(324
)
Earnings allocated to common shareholders - basic
$
39,733

 
$
24,802

Weighted average common shares outstanding
40,711

 
33,168

Earnings per common share - basic
$
0.98

 
$
0.75

Earnings per common share - diluted
 
 
 
Earnings allocated to common shareholders - basic
$
39,733

 
$
24,802

Dividends and undistributed earnings allocated to unvested restricted shares
(2
)
 
(20
)
Earnings allocated to common shareholders - diluted
$
39,731

 
$
24,782

Weighted average common shares outstanding
40,711

 
33,168

Dilutive potential common shares - stock options
54

 
67

Weighted average common shares outstanding - diluted
40,765

 
33,235

Earnings per common share - diluted
$
0.97

 
$
0.75


For the three months ended March 31, 2016, and 2015, the calculations for basic shares outstanding exclude the weighted average shares owned by the Recognition and Retention Plan (“RRP”) of 475,423, and 605,463, respectively.
The effects from the assumed exercises of 751,387 and 164,962 stock options were not included in the computation of diluted earnings per share for the three months ended March 31, 2016, and 2015, respectively, because such amounts would have had an antidilutive effect on earnings per common share.