Atlantic Union Bankshares Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

Earnings Per Share

3 Months Ended

Mar. 31, 2012

5.	EARNINGS PER SHARE

Basic earnings per common share ("EPS") was computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS is computed using the weighted average number of common shares outstanding during the period, including the effect of dilutive potential common shares outstanding attributable to stock awards. Amortization of discount and dividends on the preferred stock is treated as a reduction of the numerator in calculating basic and diluted EPS. There were approximately 559,939 and 333,386 shares underlying anti-dilutive stock awards as of March 31, 2012 and 2011, respectively. Dividends paid on nonvested stock awards were approximately $6,000 and $3,000 for the three months ended March 31, 2012 and 2011, respectively.

The following is a reconcilement of the denominators of the basic and diluted EPS computations for the three months ended March 31, 2012 and 2011 (dollars and shares in thousands, except per share amounts):


	Net Income Available to Common Shareholders (Numerator)		Weighted Average Common Shares (Denominator)		Per Share Amount
For the Three Months ended March 31, 2012
Net income, basic	$	7,923		25,857	$	0.31
Add: potentially dilutive common shares - stock awards		—		22		—

Diluted	$	7,923		25,879	$	0.31


For the Three Months ended March 31, 2011
Net income	$	6,194		25,958	$	0.24
Less: dividends paid and accumulated on preferred stock		462		—		0.02
Less: accretion of discount on preferred stock		64		—		—

Basic	$	5,668		25,958	$	0.22
Add: potentially dilutive common shares - stock awards		—		23		—

Diluted	$	5,668		25,981	$	0.22

- Definition

The entire disclosure for earnings per share.

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