Earnings Per Share

6 Months Ended

Jun. 30, 2017

EARNINGS PER SHARE

Basic earnings per common share data is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Common shares outstanding include common stock and restricted stock awards where recipients have satisfied the vesting terms. Diluted earnings per common share gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method.

The following table presents a summary of per common share data and amounts for the periods indicated.



	Three months ended June 30,				Six months ended June 30,
(in thousands, except per share data)	2017		2016		2017		2016
Net income as reported	$	11,955	$	12,352	$	24,346	$	23,377

Weighted average common shares outstanding	23,475		20,003		22,706		20,002
Additional dilutive common stock equivalents	257		213		314		224
Weighted average diluted common shares outstanding	23,732		20,216		23,020		20,226

Basic earnings per common share:	$	0.51	$	0.62	$	1.07	$	1.17
Diluted earnings per common share:	$	0.50	$	0.61	$	1.06	$	1.16

For the three and six months ended June 30, 2017 and 2016, there were no common stock equivalents excluded from the earnings per share calculations because their effect would have been anti-dilutive.