Earnings Per Share

12 Months Ended

Dec. 31, 2016

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Earnings Per Share

3. EARNINGS PER SHARE

The following table presents the calculation of the Company’s basic and diluted earnings per share for the years ended December 31:

	For the Year Ended December 31,
	2016		2015		2014
(in thousands, except shares and per share data)
Calculation of Basic Earnings Per Share:
Net Income	$	44,675	$	41,140	$	36,092
Weighted average shares outstanding	15,570,539		15,094,423		14,551,308
Basic Earnings Per Share	$	2.87	$	2.73	$	2.48
Calculation of Diluted Earnings Per Share:
Net Income	$	44,675	$	41,140	$	36,092
Reconciliation of Denominator:
Weighted average shares outstanding — Basic	15,570,539		15,094,423		14,551,308
Effect of dilutive securities — Share-based compensation	42,552		48,950		53,636
Adjusted denominator — Diluted	15,613,091		15,143,373		14,604,944
Diluted Earnings Per Share	$	2.86	$	2.72	$	2.47