Note 19—Earnings per Share

A reconciliation of the numerators and denominators for earnings per common share computations is presented below. Incremental shares represent outstanding stock options for which the exercise price is less than the average market price of the Company’s common stock during the periods presented. Options to purchase 2,312,294 and 1,798,223 shares of common stock were outstanding as of September 30, 2018 and 2017, respectively. There were 194,455 and 58,500 restricted stock awards outstanding at September 30, 2018 and 2017, respectively.

The following represent the calculation of basic and diluted earnings per share for the periods presented:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Net income	$	14,536	$	9,755	$	24,072	$	22,461
Less: Dividends on preferred shares		196		195		587		11,081
Net income available to common stockholders	$	14,340	$	9,560	$	23,485	$	11,380
Weighted-average common stock outstanding:
Weighted-average common stock outstanding (basic)		36,042,914		29,246,900		32,341,087		26,194,025
Incremental shares		915,295		505,431		947,570		503,816
Weighted-average common stock outstanding (dilutive)		36,958,209		29,752,331		33,288,657		26,697,841
Basic earnings per common share	$	0.40	$	0.33	$	0.73	$	0.43
Diluted earnings per common share	$	0.39	$	0.32	$	0.71	$	0.43