Earnings Per Share

6 Months Ended

Jun. 30, 2019

Note 12 – 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 from outstanding stock options and restricted stock units (RSUs), and are determined using the treasury stock method. Earnings per share have been computed based on the following:


	Three months ended June 30,
(in thousands)	2019		2018
Net income	$	23,061	$	15,029
Average number of common shares outstanding		30,458		22,983
Effect of dilutive stock options and restricted stock		185		293

Average number of common shares outstanding used to calculate diluted earnings per share		30,643		23,276

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


	Six months ended June 30,
(in thousands)	2019		2018
Net income	$	45,787	$	28,939
Average number of common shares outstanding		30,441		22,970
Effect of dilutive stock options and restricted stock		209		310

Average number of common shares outstanding used to calculate diluted earnings per share		30,650		23,280

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