Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.19.3
Earnings Per Share
 9 Months Ended
Sep. 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 September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Basic EPS
(dollars in thousands, except per share amounts)
Net income
$
12,376

 
$
16,081

 
$
29,704

 
$
46,484

Less: income allocated to unvested restricted stock
101

 
101

 
193

 
284

Income allocated to common shares
$
12,275

 
$
15,980

 
$
29,511

 
$
46,200

Weighted-average shares for basic EPS
30,830,445

 
32,155,132

 
30,736,456

 
32,171,558

Basic EPS
$
0.40

 
$
0.50

 
$
0.96

 
$
1.44

 
 
 
 
 
 
 
 
Effect of dilutive securities-options and unvested restricted stock
28,674

 
120,145

 
32,704

 
134,482

 
 
 
 
 
 
 
 
Diluted EPS
 
 
 
 
 
 
 
Income allocated to common shares
12,275

 
15,980

 
29,511

 
46,200

Weighted-average shares for diluted EPS
30,859,119

 
32,275,277

 
30,769,160

 
32,306,041

Diluted EPS
$
0.40

 
$
0.50

 
$
0.96

 
$
1.43


(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 nine months ended September 30, 2019 or 2018.