Earnings Per Share

9 Months Ended

Sep. 30, 2018

Note 16 – 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)	2018		2017		2018		2017
Net income	$	16,170	$	11,897	$	45,109	$	37,565
Average number of common shares outstanding		30,011		22,932		25,317		22,901
Effect of dilutive stock options and restricted stock		280		312		300		338

Average number of common shares outstanding used to calculate diluted earnings per share		30,291		23,244		25,617		23,239

Options excluded from diluted earnings per share because the effect of these options was antidilutive		10,000		—		10,000		—