Earnings Per Share

6 Months Ended

Jun. 30, 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 June 30,				Six months ended June 30,
(in thousands)	2018		2017		2018		2017
Net income	$	15,029	$	13,589	$	28,939	$	25,668
Average number of common shares outstanding		22,983		22,900		22,970		22,885
Effect of dilutive stock options and restricted stock		293		340		310		351

Average number of common shares outstanding used to calculate diluted earnings per share		23,276		23,240		23,280		23,236

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