CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS PER SHARE (EPS)

6 Months Ended

Jun. 30, 2018

CALCULATION OF WEIGHTED AVERAGE SHARES OUTSTANDING FOR EARNINGS PER SHARE (EPS)

The following table reconciles basic to diluted weighted shares outstanding used to calculate earnings per share data (in thousands, except shares and per share data):



	Three Months Ended June 30,				Six Months Ended June 30,
	2018		2017		2018		2017
Net income	$	32,424	$	25,454	$	61,214	$	49,247

Basic weighted average shares outstanding	32,250,514		32,982,126		32,323,635		32,957,920
Plus unvested restricted stock	81,095		69,401		98,652		94,285
Diluted weighted shares outstanding	32,331,609		33,051,527		32,422,287		33,052,205
Earnings per common share
Basic	$	1.01	$	0.77	$	1.89	$	1.49
Diluted	$	1.00	$	0.77	$	1.89	$	1.49

As of June 30, 2018, warrants expiring on November 21, 2018 to purchase up to $18.6 million (243,998 shares, post reverse-split) of common stock were not included in the computation of diluted earnings per share because the exercise price of the warrants was greater than the average market price of common shares.