Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.10.0.1
Earnings Per Share
 9 Months Ended
Sep. 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 
 September 30,
 
Nine Months Ended 
 September 30,
 
2018
 
2017
 
2018
 
2017
 
(in thousands, except for share and per share data)
Basic EPS:
 
 
 
 
 
 
 
Net income
$
16,081

 
$
14,923

 
$
46,484

 
$
43,162

Less: income allocated to unvested restricted shares
101

 
93

 
284

 
270

Income allocated to common shares
$
15,980

 
$
14,830

 
$
46,200

 
$
42,892

Weighted-average shares for basic EPS
32,155,132

 
32,095,286

 
32,171,558

 
32,058,705

Basic EPS
$
0.50

 
$
0.46

 
$
1.44

 
$
1.34

 
 
 
 
 
 
 
 
Effect of dilutive securities - options and unvested restricted stock
120,145

 
160,528

 
134,483

 
171,614

 
 
 
 
 
 
 
 
Diluted EPS:

 

 

 

Income allocated to common shares
$
15,980

 
$
14,830

 
$
46,200

 
$
42,892

Weighted-average shares for diluted EPS
32,275,277

 
32,255,814

 
32,306,041

 
32,230,319

Diluted EPS
$
0.50

 
$
0.46

 
$
1.43

 
$
1.33



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