EARNINGS PER COMMON SHARE

3 Months Ended

Mar. 31, 2019

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



	Three months ended
	March 31,
(Dollars in thousands, except per share data)	2019		2018
Numerator
Net income available to common shareholders	$	45,839	$	30,506

Denominator
Basic earnings per common share - weighted average shares	97,926,088		61,654,686
Effect of dilutive securities
Employee stock awards	510,223		464,254
Warrants	0		61,804
Diluted earnings per common share - adjusted weighted average shares	98,436,311		62,180,744

Earnings per share available to common shareholders
Basic	$	0.47	$	0.49
Diluted	$	0.47	$	0.49

First Financial had no warrants outstanding to purchase the Company's common stock as of March 31, 2019. Warrants acquired in the MSFG merger were outstanding as of December 31, 2018 and were exercised in January 2019. At March 31, 2018, First Financial had warrants outstanding representing the right to purchase 101,808 shares of common stock at an exercise price of $12.11 per share and all unexercised warrants expired in December 2018.

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 March 31, 2019 and March 31, 2018.