EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):



	For the Year Ended December 31,
	2017			2016			2015

Net income available to common shareholders	$	54,310		$	52,128		$	54,097
Less: earnings allocated to participating securities	$	(591	)	$	(623	)	$	(613	)
Net earnings allocated to common shareholders	$	53,719		$	51,505		$	53,484

Distributed earnings allocated to common shares outstanding	$	27,497		$	25,710		$	25,212
Undistributed earnings allocated to common shares outstanding	26,222			25,795			28,272
Net earnings allocated to common shareholders	$	53,719		$	51,505		$	53,484

Average shares outstanding, basic	15,412			14,900			15,123
Effect of dilutive securities	24			13			48
Average shares outstanding, diluted	15,436			14,913			15,171

Basic earnings per share	$	3.49		$	3.46		$	3.54
Diluted earnings per share	$	3.48		$	3.45		$	3.53

Options to purchase approximately 3,000 shares, 2,000 shares, and 13,000 shares of common stock were outstanding during the years ended December 31, 2017, December 31, 2016, and December 31, 2015, but were not included in the computation of diluted earnings per share because the options’ exercise price was greater than the average market price of the common shares and therefore, the effect would have been anti-dilutive.