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

9 Months Ended

Sep. 30, 2018

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

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



	Three Months Ended September 30,				Nine Months Ended September 30,
	2018		2017		2018		2017
Net income	$	37,773	$	25,077	$	98,987	$	74,324

Basic weighted average shares outstanding	32,256,789		32,982,532		32,300,688		32,966,214
Plus unvested restricted stock	119,834		96,567		105,726		94,958
Diluted weighted shares outstanding	32,376,623		33,079,099		32,406,414		33,061,172
Earnings per common share
Basic	$	1.17	$	0.76	$	3.06	$	2.25
Diluted	$	1.17	$	0.76	$	3.05	$	2.25

As of September 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.