Earnings Per Share

9 Months Ended

Sep. 30, 2017

Note 23 - Earnings Per Share

Basic earnings per share represent income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect 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)	2017		2016		2017		2016
Net income	$	11,897	$	12,199	$	37,565	$	32,278
Average number of common shares outstanding		22,932		22,825		22,901		22,804
Effect of dilutive stock options and restricted stock units		312		274		338		273

Average number of common shares outstanding used to calculate diluted earnings per share		23,244		23,099		23,239		23,077

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