Earnings Per Share

6 Months Ended

Jun. 30, 2016

Note 9 – Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended				Six Months Ended
	June 30				June 30
(in thousands except per share data)	2016		2015		2016		2015
Numerator:
Net income	$	11,566	$	12,402	$	23,168	$	23,340

Denominator:
Basic earnings per share:
Weighted average shares		17,530		17,421		17,521		17,411
Diluted earnings per share:
Effect of dilutive stock options and restricted stock grants		12		44		17		47
Adjusted weighted average shares		17,542		17,465		17,538		17,458

Earnings per share:
Basic earnings per share	$	0.66	$	0.71	$	1.32	$	1.34
Diluted earnings per share		0.66		0.71		1.32		1.34

Options to purchase 67,953 common shares at a weighted average price of $35.31 were excluded from the diluted calculations above for the six months ended June 30, 2016, because the exercise prices on the options were greater than the average market price for the period. No options were excluded for the three months ended June 30, 2016. In addition to in-the-money stock options, unvested restricted stock grants were also used in the calculation of diluted earnings per share based on the treasury method. Options to purchase 58,063 common shares at a weighted average price of $35.409 were excluded from the diluted calculations above for the three and six months ended June 30, 2015.