Earnings Per Share

6 Months Ended

Jun. 30, 2017

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)	2017		2016		2017		2016
Numerator:
Net income	$	11,541	$	11,566	$	22,818	$	23,168

Denominator:
Basic earnings per share:
Weighted average shares		17,626		17,530		17,621		17,521
Diluted earnings per share:
Effect of dilutive stock options and restricted stock grants		19		12		20		17
Adjusted weighted average shares		17,645		17,542		17,641		17,538

Earnings per share:
Basic earnings per share	$	0.65	$	0.66	$	1.29	$	1.32
Diluted earnings per share		0.65		0.66		1.29		1.32

There were no options to purchase common shares that were excluded from the diluted calculations above for the three and six months ended June 30, 2017. 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 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.