Exhibit11
StatementofComputationofPerShareEarnings
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, 2016 or 2015.
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, 2016 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 March 31: | ||||||||
2016 | 2015 | |||||||
Numerator: | ||||||||
Net income | $ | 10,569 | $ | 8,131 | ||||
Less: distributed earnings allocated to non-vested stock | (15 | ) | (21 | ) | ||||
Less: undistributed earnings allocated to non-vested restricted stock | (44 | ) | (44 | ) | ||||
Numerator for basic earnings per share | $ | 10,510 | $ | 8,066 | ||||
Effect of dilutive securities: | ||||||||
Add: undistributed earnings allocated to non-vested restricted stock | 44 | 44 | ||||||
Less: undistributed earnings reallocated to non-vested restricted stock | (44 | ) | (44 | ) | ||||
Numerator for diluted earnings per share | $ | 10,510 | $ | 8,066 | ||||
Denominator: | ||||||||
Weighted average shares outstanding – basic | 43,475,630 | 43,372,388 | ||||||
Effect of dilutive securities: | ||||||||
Stock options and other awards | 10,918 | 9,895 | ||||||
Weighted average shares outstanding – diluted | 43,486,548 | 43,382,283 | ||||||
Basic earnings per share | $ | 0.24 | $ | 0.19 | ||||
Diluted earnings per share | $ | 0.24 | $ | 0.19 |