Earnings Per Share Reconciliation

3 Months Ended

Mar. 31, 2017

8.	EARNINGS PER SHARE RECONCILIATION

Basic earnings per common share are computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding during each period. The computation of diluted earnings per common share considers the number oftax-effected shares issuable upon the assumed exercise of outstanding common stock options. Antidilutive common shares are not included in the calculation of diluted earnings per common share. For the three months ended March 31, 2017 and 2016, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share were 1,000 and 262,000, respectively.

The table below shows earnings per common share and diluted earnings per common share, and reconciles the numerator and denominator of both earnings per common share calculations.


	For the Three Months Ended March 31,
	2017		2016
	(In thousands, except per share amounts)
Earnings per common share:
Net earnings	$	28,504	$	23,391
Less: Net earnings allocated to restricted stock		112		104

Net earnings allocated to common shareholders	$	28,392	$	23,287

Weighted average shares outstanding		108,339		106,392
Basic earnings per common share	$	0.26	$	0.22

Diluted earnings per common share:
Net income allocated to common shareholders	$	28,392	$	23,287

Weighted average shares outstanding		108,339		106,392
Incremental shares from assumed exercise of outstanding options		467		392

Diluted weighted average shares outstanding		108,806		106,784
Diluted earnings per common share	$	0.26	$	0.22