Earnings Per Share

6 Months Ended

Jun. 30, 2016

Basic earnings per share excludes dilution and is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding for the period, excluding common shares in treasury. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted from the issuance of common stock that would then share in earnings and excludes common shares in treasury. Stock options exercisable for shares of common stock are excluded from the computation of diluted earnings per share if they are anti-dilutive due to their exercise price exceeding the average market price during the period.

The impact of stock options which are anti-dilutive are excluded from the computations of diluted earnings per share. The dilutive impact of these securities could be included in future computations of diluted earnings per share if the market price of the common stock increases. The following table sets forth the weighted average number of stock options excluded for the periods indicated:



	Three Months Ended			Six Months Ended
	June 30,	March 31,	June 30,	June 30,	June 30,
	2016	2016	2015	2016	2015

Weighted average stock options excluded	154,251	108,407	464,647	131,703	429,625

The following tables set forth the Company’s earnings per share calculations for the periods indicated:



	Three Months Ended
	June 30, 2016					March 31, 2016					June 30, 2015
	Net Income		Shares	Per Share Amount		Net Income		Shares	Per Share Amount		Net Income		Shares	Per Share Amount
	(dollars in thousands, except per share data)
Net income	$	10,369				$	8,554				$	7,825
Basic income available to common stockholders	10,369		27,378,930	$	0.38	8,554		25,555,654	$	0.33	7,825		21,493,641	$	0.36
Effect of dilutive stock option grants and warrants	—		466,560			—		396,530			—		335,235
Diluted income available to common stockholders plus assumed conversions	$	10,369	27,845,490	$	0.37	$	8,554	25,952,184	$	0.33	$	7,825	21,828,876	$	0.36



	Six Months Ended June 30,
	2016					2015
	Net Income		Shares	Per Share Amount		Net Income		Shares	Per Share Amount
	(dollars in thousands, except per share data)
Net income	$	18,923				$	9,613
Basic income available to common stockholders	18,923		26,467,292	$	0.72	9,613		20,796,655	$	0.46
Effect of dilutive stock options and warrants	—		434,335			—		329,887
Diluted income available to common stockholders plus assumed conversions	$	18,923	26,901,627	$	0.70	$	9,613	21,126,542	$	0.46