Exhibit 11
Statement re Computation of Per Share Earnings
We compute earnings per share using the two-class method in accordance with Accounting Standards Codification Topic No. 260, “Earnings Per Share.” The two-class method is an allocation of earnings between the holders of common stock and a company’s participating security holders. Our outstanding non-vested shares of restricted stock contain non-forfeitable rights to dividends and, therefore, are considered participating securities for purposes of computing earnings per share pursuant to the two-class method. We had no other participating securities at March 31, 2015 or 2014.
Contingently issuable shares associated with outstanding service-based restricted stock units were not included in the earnings per share calculations for the three-month period ended March 31, 2015 as the vesting conditions had not been satisfied.
The composition of basic and diluted earnings per share were as follows for:
(Dollars in thousands, except per share amounts)
For the three months ended March 31: | ||||||||
Numerator: | 2015 | 2014 | ||||||
Net income | $ | 8,131 | $ | 6,274 | ||||
Less: distributed earnings allocated to non-vested restricted stock | (21 | ) | - | |||||
Less: undistributed earnings allocated to non-vested restricted stock | (44 | ) | - | |||||
Numerator for basic earnings per share | $ | 8,066 | $ | 6,274 | ||||
Effect of dilutive securities: | ||||||||
Add: undistributed earnings allocated to non-vested restricted stock | 44 | - | ||||||
Less: undistributed earnings reallocated to non-vested restricted stock | (44 | ) | - | |||||
Numerator for diluted earnings per share | $ | 8,066 | $ | 6,274 | ||||
Denominator: | ||||||||
Weighted average shares outstanding - basic | 43,372,388 | 43,343,502 | ||||||
Effect of dilutive securities: | ||||||||
Stock options and other awards | 9,895 | 50,078 | ||||||
Weighted average shares outstanding – diluted | 43,382,283 | 43,393,580 | ||||||
Basic earnings per share | $ | 0.19 | $ | 0.14 | ||||
Diluted earnings per share | $ | 0.19 | $ | 0.14 |