Earnings Per Share

3 Months Ended

Mar. 31, 2018

Note 9 – Earnings Per Share

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

	Three Months Ended
	March 31
(in thousands except per share data)	2018		2017
Numerator:
Net income	$	15,814	$	11,277

Denominator:
Basic earnings per share:
Weighted average shares		17,671		17,615
Diluted earnings per share:
Effect of dilutive stock options and restricted stock grants		16		23
Adjusted weighted average shares		17,687		17,638

Earnings per share:
Basic earnings per share	$	0.89	$	0.64
Diluted earnings per share		0.89		0.64

There were no options to purchase common shares that were excluded from the diluted calculations above for the three months ended March 31, 2018 and 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.