NOTE 14 –INCOME PER COMMON SHARE

Basic net income per share is calculated by dividing net income by the weighted average shares outstanding during the period, without consideration for common stock equivalents.

Diluted net income per share is calculated by adjusting weighted average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period, determined using the treasury stock method. Potential common stock is included in the diluted income per share calculation when dilutive. Diluted net income per share was as follows (in thousands, except share and per share data):


	For the three months ended June 30,				For the six months ended June 30,
	2017		2016		2017		2016
Net income - basic and diluted	$	11,973	$	9,993	$	18,337	$	15,806

Weighted average number of common shares outstanding		31,646,460		31,317,632		31,618,624		31,279,935
Dilutive effect of outstanding common stock awards after application of the Treasury Stock Method		63,094		29,435		79,836		59,084

Diluted shares outstanding		31,709,554		31,347,067		31,698,460		31,339,019
Basic net income per share	$	0.38	$	0.32	$	0.58	$	0.51

Diluted net income per share	$	0.38	$	0.32	$	0.58	$	0.50

Approximately 25 thousand shares were excluded from the calculation of diluted net income per share for the three and six months ended June 30, 2017 as the effect would have been antidilutive. None of the non-vested common stock awards had an antidilutive effect on diluted net income per share for either of the three or six months ended June 30, 2016.