Earnings Per Share

12 Months Ended

Dec. 31, 2016

23. Earnings Per Share

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

Year Ended December 31 (in thousands except per share data)	2016		2015		2014
Numerator:
Net income	$	47,346	$	46,432	$	43,251

Denominator:
Basic earnings per share:
Weighted average shares		17,548		17,431		17,326
Diluted earnings per share:
Dilutive effect of equity grants		18		52		71
Adjusted weighted average shares		17,566		17,483		17,397

Earnings per share:
Basic earnings per share	$	2.70	$	2.66	$	2.50
Diluted earnings per share		2.70		2.66		2.49

There were no options to purchase common shares that were excluded from the diluted calculations above for the year ended December 31, 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 were excluded from the diluted calculations above for the year ended December 31, 2015, because the exercise prices on the options were greater than the average market price for the period. There were no options to purchase common shares that were excluded from the diluted calculations above for the year ended December 31, 2014.