Earnings per Share

12 Months Ended

Dec. 31, 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:


	Years ended December 31,
	2016		2015		2014
Net income (in thousands)	$	44,811	$	43,818	$	26,108

(number of shares in thousands)
Average number of common shares outstanding		22,814		22,750		17,716
Effect of dilutive stock options		273		248		207

Average number of common shares outstanding used to calculate diluted earnings per share		23,087		22,998		17,923

Based on an average of quarterly computations, there were 13,825, 20,625, and 95,600 options and restricted stock units excluded from the computation of annual diluted earnings per share for the years ended December 31, 2016, 2015 and 2014, respectively, because the effect of these options and restricted stock units were antidilutive.