Earnings Per Share

12 Months Ended

Dec. 31, 2018

13.	Earnings Per Share

Diluted earnings per share includes common shares assumed issued under the “treasury stock method,” which reflects the potential dilution that would occur if any outstanding options are exercised. Diluted earnings per share also includes the “if converted” method for participating securities if the result is dilutive.

The calculation of basic and diluted EPS for the years ended December 31, 2018, 2017 and 2016 are presented below.

	For the Year Ended December 31,
	2018		2017		2016
	(in thousands, except earnings per share amounts)
Basic EPS:
Net income – basic	$	71,632	$	46,231	$	77,865
Basic weighted-average common shares		19,209		19,165		19,106
Basic earnings per share	$	3.73	$	2.41	$	4.08
Diluted EPS:
Net income - diluted	$	71,632	$	46,231	$	77,865
Diluted weighted average common shares:
Weighted average common shares		19,209		19,165		19,106
Stock options and restricted stock		84		81		98
Diluted weighted average common shares		19,293		19,246		19,204
Diluted earnings per common share	$	3.71	$	2.40	$	4.05

The table below sets forth the reconciliation of the weighted average shares used for the basic and diluted EPS calculation.

	Years Ended
	2018		2017		2016
Basic weighted average common shares		19,208,978		19,165,489		19,105,806
Add: Other common shares eligible for common dividends:
Weighted average restricted shares and stock options (including tax benefit component)		84,104		80,377		97,844
Diluted weighted average common shares		19,293,082		19,245,866		19,203,650