Earnings Per Share

9 Months Ended

Sep. 30, 2016

12. Earnings Per Share

The following table sets forth the computation of basic and diluted income per share, including a reconciliation of net income and the number of shares used in computing basic and diluted income per share. Basic income per share is determined using the weighted average shares of common stock outstanding during the period. Diluted income per share is determined using the weighted average shares of common stock outstanding during the period, and assumes all potentially dilutive securities were converted into common shares at the earliest date possible. There were no potentially dilutive securities outstanding during the three and nine months ended September 30, 2016 and 2015.

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
(Amounts in thousands, except share and per share amounts)		2016		2015		2016		2015
	Net income	$	21,036	$	18,172	$	64,822	$	53,335

	Weighted average shares outstanding – basic and diluted		5,114,701		5,113,077		5,113,877		5,112,108

	Net income per common share – basic and diluted	$	4.11	$	3.55	$	12.68	$	10.43