EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2018

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)	2018		2017
Numerator
Net income available to common shareholders	$	30,506	$	24,414

Denominator
Basic earnings per common share - weighted average shares	61,654,686		61,398,414
Effect of dilutive securities
Employee stock awards	464,254		674,589
Warrants	61,804		67,381
Diluted earnings per common share - adjusted weighted average shares	62,180,744		62,140,384

Earnings per share available to common shareholders
Basic	$	0.49	$	0.40
Diluted	$	0.49	$	0.39

Warrants to purchase 101,808 and 112,233 shares of the Company's common stock were outstanding as of March 31, 2018 and 2017, respectively. These warrants, each representing the right to purchase one share of common stock, no par value per share, have an exercise price of $12.11 and expire on December 23, 2018.

Stock options and warrants with exercise prices 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 end of period price of the Company's common shares, there were no antidilutive options at March 31, 2018 and March 31, 2017.