EARNINGS PER COMMON SHARE

6 Months Ended

Jun. 30, 2018

The following table sets forth the computation of basic and diluted earnings per share:



	Three months ended				Six months ended
	June 30,				June 30,
(Dollars in thousands, except per share data)	2018		2017		2018		2017
Numerator
Net income available to common shareholders	$	36,418	$	22,736	$	66,924	$	47,150

Denominator
Basic earnings per common share - weighted average shares	97,347,533		61,543,478		79,599,709		61,471,347
Effect of dilutive securities
Employee stock awards	545,374		625,031		504,914		649,706
Warrants	539,165		65,513		524,872		66,420
Diluted earnings per common share - adjusted weighted average shares	98,432,072		62,234,022		80,629,495		62,187,473

Earnings per share available to common shareholders
Basic	$	0.37	$	0.37	$	0.84	$	0.77
Diluted	$	0.37	$	0.37	$	0.83	$	0.76

First Financial has two categories of warrants outstanding to purchase the Company's common stock as of June 30, 2018. The first type of warrant represents the right to purchase one share of common stock, no par value per share, and has an exercise price of $12.11 per share. First Financial had warrants outstanding to purchase 22,698 and 112,233 shares of First Financial's common stock as of June 30, 2018 and 2017, respectively and these warrants expire in December of 2018. The second category of warrant was acquired in the MSFG merger and the Company had one such warrant outstanding as of June 30, 2018.

This warrant represents the right to purchase 793,520 shares of First Financial's common stock at an exercise price of $10.72 per share and expires in January 2019.

Stock options and warrants with exercise prices greater than the average market price of the common shares were not included in the computation of net income per diluted share, as they would have been antidilutive. Using the end of period price of the Company's common shares, there were no antidilutive options at June 30, 2018 and June 30, 2017.