Exhibit 11
Statement of 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 June 30, 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 and six-month periods ended June 30, 2016 and 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 June 30: | For the six months ended June 30: | ||||||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||||||
Numerator: | |||||||||||||||||||
Net income | $ | 14,224 | $ | 3,793 | $ | 24,793 | $ | 11,924 | |||||||||||
Less: distributed earnings allocated to non-vested stock | (10 | ) | (16 | ) | (24 | ) | (37 | ) | |||||||||||
Less: undistributed earnings allocated to non-vested restricted stock | (42 | ) | (7 | ) | (96 | ) | (49 | ) | |||||||||||
Numerator for basic earnings per share | $ | 14,172 | $ | 3,770 | $ | 24,673 | $ | 11,838 | |||||||||||
Effect of dilutive securities: | |||||||||||||||||||
Add: undistributed earnings allocated to non-vested restricted stock | 42 | 7 | 96 | 49 | |||||||||||||||
Less: undistributed earnings reallocated to non-vested restricted stock | (42 | ) | (7 | ) | (96 | ) | (49 | ) | |||||||||||
Numerator for diluted earnings per share | $ | 14,172 | $ | 3,770 | $ | 24,698 | $ | 11,838 | |||||||||||
Denominator: | |||||||||||||||||||
Weighted average shares outstanding – basic | 43,527,857 | 43,420,923 | 43,501,599 | 43,396,789 | |||||||||||||||
Effect of dilutive securities: | |||||||||||||||||||
Stock options and other awards | 902 | 7,810 | 5,910 | 8,852 | |||||||||||||||
Weighted average shares outstanding – diluted | 43,528,759 | 43,428,733 | 43,507,509 | 43,405,641 | |||||||||||||||
Basic earnings per share | $ | 0.33 | $ | 0.09 | $ | 0.57 | $ | 0.27 | |||||||||||
Diluted earnings per share | $ | 0.33 | $ | 0.09 | $ | 0.57 | $ | 0.27 | |||||||||||
