Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.10.0.1
Earnings Per Share
 6 Months Ended
Jun. 30, 2018
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share

Earnings per share (“EPS”) is calculated on both a basic and a diluted basis. Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted from the issuance of common stock that then shared in earnings, excluding common shares in treasury.

For diluted EPS, weighted-average number of common shares included the impact of unvested restricted stock under the treasury method. Unvested restricted stock containing rights to non-forfeitable dividends are considered participating securities prior to vesting and have been included in the earnings allocation in computing basic and diluted EPS under the two-class method. Basic EPS is computed by dividing net income, net of income allocated to participating securities, by the weighted-average number of common shares. For diluted EPS, weighted-average number of common shares include the diluted effect of stock options.

The following table is a reconciliation of the components used to derive basic and diluted EPS for the periods indicated:
 
Three Months Ended 
 June 30,
 
Six Months Ended 
 June 30,
 
2018
 
2017
 
2018
 
2017
 
(in thousands, except for share and per share data)
Basic EPS:
 
 
 
 
 
 
 
Net income
$
15,548

 
$
14,457

 
$
30,403

 
$
28,240

Less: income allocated to unvested restricted shares
96

 
93

 
185

 
177

Income allocated to common shares
$
15,452

 
$
14,364

 
$
30,218

 
$
28,063

Weighted-average shares for basic EPS
32,189,096

 
32,078,038

 
32,167,111

 
32,040,113

Basic EPS
$
0.48

 
$
0.45

 
$
0.94

 
$
0.88

 
 
 
 
 
 
 
 
Effect of dilutive securities - options and unvested restricted stock
147,679

 
164,996

 
149,537

 
176,558

 
 
 
 
 
 
 
 
Diluted EPS:

 

 

 

Income allocated to common shares
$
15,452

 
$
14,364

 
$
30,218

 
$
28,063

Weighted-average shares for diluted EPS
32,336,775

 
32,243,034

 
32,316,648

 
32,216,671

Diluted EPS
$
0.48

 
$
0.45

 
$
0.94

 
$
0.87



There were no stock options with an anti-dilutive effect for the three and six months ended June 30, 2018 or 2017.