Earnings Per Share

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,
	2017	2017	2016	2017	2016

Weighted average stock options excluded	15,531	—	154,251	7,389	131,703

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



	Three Months Ended
	June 30, 2017					March 31, 2017					June 30, 2016
	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	$	14,176				$	9,521				$	10,369
Basic income available to common stockholders	14,176		39,586,524	$	0.36	9,521		27,528,940	$	0.35	10,369		27,378,930	$	0.38
Effect of dilutive stock option grants and warrants	—		680,696			—		668,280			—		466,560
Diluted income available to common stockholders plus assumed conversions	$	14,176	40,267,220	$	0.35	$	9,521	28,197,220	$	0.34	$	10,369	27,845,490	$	0.37



	Six Months Ended June 30,
	2017					2016
	Net Income		Shares	Per Share Amount		Net Income		Shares	Per Share Amount
	(dollars in thousands, except per share data)
Net income	$	23,697				$	18,923
Basic income available to common stockholders	23,697		33,591,040	$	0.71	18,923		26,467,292	$	0.72
Effect of dilutive stock options and warrants			676,175					434,335
Diluted income available to common stockholders plus assumed conversions	$	23,697	34,267,215	$	0.69	$	18,923	26,901,627	$	0.70