Earnings Per Share

9 Months Ended

Sep. 30, 2015

Note 23 – Earnings Per Share

Basic earnings per share represents income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustments to income that would result from assumed issuance. Potential common shares that may be issued by the Company relate solely from outstanding stock options, and are determined using the treasury stock method. Earnings per share have been computed based on the following:


	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2015		2014		2015		2014
Net income	$	12,694	$	8,234	$	32,396	$	20,458
Average number of common shares outstanding		22,757		16,137		22,743		16,121
Effect of dilutive stock options and restricted stock units		249		194		236		200

Average number of common shares outstanding used to calculate diluted earnings per share		23,006		16,331		22,979		16,321

Options excluded from diluted earnings per share because the effect of these options was antidilutive		23		127		23		110
Restricted stock excluded from diluted earnings per share because the effect of these restricted stock was antidilutive		—		—		—		—