Earnings Per Share

3 Months Ended

Mar. 31, 2018

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 March 31,
(in thousands)	2018		2017
Net income	$	13,910	$	12,079
Average number of common shares outstanding		22,956		22,870
Effect of dilutive stock options and restricted stock		327		362

Average number of common shares outstanding used to calculate diluted earnings per share		23,283		23,232

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