Exhibit 11
Statementof 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 September 30, 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 and nine-month period ended September 30, 2015 as the vesting conditions had not been satisfied.
The composition of basic and diluted earnings per share were as follows:
(Dollars in thousands, except per share amounts)
For the three months ended | For the nine months ended | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Numerator | ||||||||||||||||
Net income | $ | 4,850 | $ | 11,451 | $ | 16,774 | $ | 23,072 | ||||||||
Less: distributed earnings allocated to non-vested stock | (15 | ) | (42 | ) | (52 | ) | (72 | ) | ||||||||
Less: undistributed earnings allocated to non-vested restricted stock | (12 | ) | (50 | ) | (57 | ) | (60 | ) | ||||||||
Numerator for basic earnings per share | $ | 4,823 | $ | 11,359 | $ | 16,665 | $ | 22,940 | ||||||||
Effect of dilutive securities: | ||||||||||||||||
Add: undistributed earnings allocated to non-vested restricted stock | 12 | 50 | 57 | 60 | ||||||||||||
Less: undistributed earnings reallocated to non-vested restricted stock | (12 | ) | (50 | ) | (61 | ) | (60 | ) | ||||||||
Numerator for diluted earnings per share | $ | 4,823 | $ | 11,359 | $ | 16,661 | $ | 22,940 | ||||||||
Denominator: | ||||||||||||||||
Weighted average shares outstanding – basic | 43,460,449 | 43,361,123 | 43,418,243 | 43,352,552 | ||||||||||||
Effect of dilutive securities: | ||||||||||||||||
Stock options and other awards | 837 | 26,115 | 6,180 | 43,014 | ||||||||||||
Weighted average shares outstanding – diluted | 43,461,286 | 43,387,238 | 43,424,423 | 43,395,566 | ||||||||||||
Basic earnings per share | $ | 0.11 | $ | 0.26 | $ | 0.38 | $ | 0.53 | ||||||||
Diluted earnings per share | $ | 0.11 | $ | 0.26 | $ | 0.38 | $ | 0.53 |