BASIC AND DILUTED EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2017

Earnings Per Share [Abstract]

BASIC AND DILUTED EARNINGS PER COMMON SHARE

NOTE C — BASIC AND DILUTED EARNINGS PER COMMON SHARE

For each of the three month periods ended June 30, 2017 and 2016, options to purchase 59,000 shares and 127,000 shares, respectively, were antidilutive and accordingly were excluded in determining diluted earnings per share.

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(Dollars in thousands, except per share data)	2017		2016		2017		2016
Basic:
Income available to common shareholders	$	7,676	$	5,332	$	15,602	$	9,298
Average basic shares outstanding		42,841,152		37,470,071		40,851,273		36,159,473
Basic earnings per share	$	0.18	$	0.14	$	0.38	$	0.26
Diluted:
Income available to common shareholders	$	7,676	$	5,332	$	15,602	$	9,298
Average basic shares outstanding		42,841,152		37,470,071		40,851,273		36,159,473
Restricted stock and stock options		715,133		671,479		687,496		637,786
Average diluted shares outstanding		43,556,285		38,141,550		41,538,769		36,797,259
Diluted earnings per share	$	0.18	$	0.14	$	0.38	$	0.25

The diluted impact of restricted stock and stock options is calculated under the treasury method.