Earnings per Common Share

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



(Dollars in thousands, except share and per share data)	2018		2017		2016
Numerator
Net income	$	172,595	$	96,787	$	88,526

Denominator
Basic earnings per common share - weighted average shares	88,582,090		61,529,460		61,206,093
Effect of dilutive securities
Employee stock awards	514,680		581,329		729,335
Warrants	517,435		60,801		49,994
Diluted earnings per common share - adjusted weighted average shares	89,614,205		62,171,590		61,985,422

Earnings per share available to common shareholders
Basic	$	1.95	$	1.57	$	1.45
Diluted	$	1.93	$	1.56	$	1.43

First Financial had warrants outstanding to purchase the Company's common stock as of December 31, 2018. These warrants were acquired in the MSFG merger and represent the right to purchase 804,858 shares of First Financial's common stock at an exercise price of $10.62 per share and were exercised in January 2019. At December 31, 2017 and 2016, First Financial had warrants outstanding representing the right to purchase 104,200 shares and 114,678 shares of common stock at an exercise price of exercise price of $12.12 and expired 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 period end price, there were no antidilutive options at December 31, 2018, 2017, or 2016.

As of December 31, 2018, 2017, and 2016, First Financial was authorized to issue 10,000,000 preferred shares, however no preferred shares were issued or outstanding.