Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.19.1
Earnings Per Share
3 Months Ended
Mar. 31, 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 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.

The following table is a reconciliation of the components used to derive basic and diluted EPS for the periods indicated:
 
Net Income
 
Weighted-Average Shares
 
Per Share Amount
 
(Numerator)
 
(Denominator)
 
(1) 
 
(in thousands, except for share and per share data)
Three Months Ended March 31, 2019
 
 
 
 
 
Basic EPS
 
 
 
 
 
Net income
$
14,672

 
30,667,378

 
$
0.48

Less: Income allocated to unvested restricted shares
79

 
30,667,378

 

Basic EPS
$
14,593

 
30,667,378

 
$
0.48

 
 
 
 
 
 
Effect of dilutive securities - options and unvested restricted stock

 
53,394

 

 
 
 
 
 
 
Diluted EPS

 
 
 

Net income
$
14,672

 
30,720,772

 
$
0.48

Less: Income allocated to unvested restricted shares
79

 
30,720,772

 

Diluted EPS
$
14,593

 
30,720,772

 
$
0.48

 
 
 
 
 
 
Three Months Ended March 31, 2018
 
 
 
 
 
Basic EPS
 
 
 
 
 
Net income
$
14,855

 
32,145,214

 
$
0.46

Less: Income allocated to unvested restricted shares
89

 
32,145,214

 

Basic EPS
$
14,766

 
32,145,214

 
$
0.46

 
 
 
 
 
 
Effect of dilutive securities - options and unvested restricted stock
 
 
155,881

 
 
 
 
 
 
 
 
Diluted EPS
 
 
 
 
 
Net income
$
14,855

 
$
32,301,095

 
$
0.46

Less: Income allocated to unvested restricted shares
89

 
32,301,095

 

Diluted EPS
$
14,766

 
$
32,301,095

 
$
0.46



(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 months ended March 31, 2019 or 2018.