EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2016

The following table sets forth the computation of basic and diluted earnings per share:



	Three months ended
	March 31,
(Dollars in thousands, except per share data)	2016		2015
Numerator
Net income available to common shareholders	$	19,814	$	17,621

Denominator
Basic earnings per common share - weighted average shares	61,036,797		61,013,489
Effect of dilutive securities
Employee stock awards	705,779		567,806
Warrants	97,671		150,549
Diluted earnings per common share - adjusted weighted average shares	61,840,247		61,731,844

Earnings per share available to common shareholders
Basic	$	0.32	$	0.29
Diluted	$	0.32	$	0.29

Warrants to purchase 322,312 and 465,117 shares of the Company's common stock were outstanding as of March 31, 2016 and 2015, respectively. These warrants, each representing the right to purchase one share of common stock, no par value per share, have an exercise price of $12.12 and expire on December 23, 2018.

Stock options and warrants, where the exercise price was greater than the average market price of the common shares, were not included in the computation of net income per diluted share as they would have been antidilutive. Using the period-end price, there were no out-of-the-money options at March 31, 2016 and 20,626 out-of-the-money options at March 31, 2015.