Earnings Per Share

9 Months Ended

Sep. 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 September 30,				Nine months ended September 30,
(in thousands)	2016		2015		2016		2015
Net income	$	12,199	$	12,694	$	32,278	$	32,396
Average number of common shares outstanding		22,825		22,757		22,804		22,743
Effect of dilutive stock options and restricted stock units		274		249		273		236

Average number of common shares outstanding used to calculate diluted earnings per share		23,099		23,006		23,077		22,979

Options excluded from diluted earnings per share because the effect of these options was antidilutive		12		23		18		23