Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.19.3
Earnings Per Share
 6 Months Ended
Jun. 30, 2019
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 includes 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.

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,
 
2019
 
2018
 
2019
 
2018
Basic EPS
(dollars in thousands, except per share amounts)
Net income
$
2,656

 
$
15,548

 
$
17,328

 
$
30,403

Less: income allocated to unvested restricted stock
16

 
96

 
99

 
185

Income allocated to common shares
$
2,640

 
$
15,452

 
$
17,229

 
$
30,218

Weighted-average shares for basic EPS
30,685,301

 
32,189,096

 
30,688,698

 
32,167,111

Basic EPS
$
0.09

 
$
0.48

 
$
0.56

 
$
0.94

 
 
 
 
 
 
 
 
Effect of dilutive securities-options and unvested restricted stock
42,380

 
147,679

 
40,322

 
149,537

 
 
 
 
 
 
 
 
Diluted EPS
 
 
 
 
 
 
 
Income allocated to common shares
2,640

 
15,452

 
17,229

 
30,218

Weighted-average shares for diluted EPS
30,727,681

 
32,336,775

 
30,729,020

 
32,316,648

Diluted EPS
$
0.09

 
$
0.48

 
$
0.56

 
$
0.94


(1) 
Per share amounts may not be able to be recalculated using net income and weighted-average shares presented above due to rounding.

There were no anti-dilutive options and shares of unvested restricted stock outstanding for the three and six months ended June 30, 2019 or 2018.