Earnings Per Share Reconciliation

9 Months Ended

Sep. 30, 2017

8.	EARNINGS PER SHARE RECONCILIATION

Basic earnings per common share are computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding during each period. The computation of diluted earnings per common share considers the number of tax-effected shares issuable upon the assumed exercise of outstanding common stock options. Antidilutive common shares are not included in the calculation of diluted earnings per common share. For the three and nine months ended September 30, 2017, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 15,000 and 10,000, respectively. For the three and nine months ended September 30, 2016, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 299,000 and 281,000, respectively.

The table below shows earnings per common share and diluted earnings per common share, and reconciles the numerator and denominator of both earnings per common share calculations.


	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2017		2016		2017		2016
	(In thousands, except per share amounts)
Earnings per common share:
Net earnings	$	29,683	$	25,448	$	86,560	$	74,353
Less: Net earnings allocated to restricted stock		107		98		325		305

Net earnings allocated to common shareholders	$	29,576	$	25,350	$	86,235	$	74,048

Weighted average shares outstanding		109,754		108,984		109,280		107,144
Basic earnings per common share	$	0.27	$	0.23	$	0.79	$	0.69


Diluted earnings per common share:
Net income allocated to common shareholders	$	29,576	$	25,350	$	86,235	$	74,048

Weighted average shares outstanding		109,754		108,984		109,280		107,144
Incremental shares from assumed exercise of outstanding options		365		386		392		403

Diluted weighted average shares outstanding		110,119		109,370		109,672		107,547
Diluted earnings per common share	$	0.27	$	0.23	$	0.79	$	0.69