Earnings Per Common Share

9 Months Ended

Sep. 30, 2019

Earnings per Common Share

The following table presents the calculation of earnings per common share:



(Dollars and shares in thousands, except per share amounts)
	Three Months						Nine Months
Periods ended September 30,	2019			2018			2019			2018
Earnings per common share - basic:
Net income		$18,814			$17,511			$53,582			$51,396
Less dividends and undistributed earnings allocated to participating securities	(36		)	(36		)	(105		)	(112		)
Net income available to common shareholders		$18,778			$17,475			$53,477			$51,284
Weighted average common shares	17,338			17,283			17,324			17,263
Earnings per common share - basic		$1.08			$1.01			$3.09			$2.97
Earnings per common share - diluted:
Net income		$18,814			$17,511			$53,582			$51,396
Less dividends and undistributed earnings allocated to participating securities	(36		)	(36		)	(105		)	(112		)
Net income available to common shareholders		$18,778			$17,475			$53,477			$51,284
Weighted average common shares	17,338			17,283			17,324			17,263
Dilutive effect of common stock equivalents	76			99			82			129
Weighted average diluted common shares	17,414			17,382			17,406			17,392
Earnings per common share - diluted		$1.08			$1.01			$3.07			$2.95

Weighted average common stock equivalents, not included in common stock equivalents above because they were anti-dilutive, totaled 93,075 and 87,775, respectively for the three and nine months ended September 30, 2019, compared to 41,525 and 46,692, respectively, for the same periods in 2018.