Earnings Per Share

6 Months Ended

Jun. 30, 2016

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				Six months ended
	June 30,				June 30,
(in thousands)	2016		2015		2016		2015
Net income	$	9,405	$	11,366	$	20,079	$	19,702
Average number of common shares outstanding		22,803		22,745		22,793		22,736
Effect of dilutive stock options		267		235		269		229

Average number of common shares outstanding used to calculate diluted earnings per share		23,070		22,980		23,062		22,965

Options excluded from diluted earnings per share because the effect of these options was antidilutive		21		23		22		23
Restricted stock excluded from diluted earnings per share because the effect of these restricted stock was antidilutive		19		—		10		—