Earnings Per Share

6 Months Ended

Jun. 30, 2016

EARNINGS PER SHARE

Basic earnings per common share data is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Common shares outstanding include common stock and restricted stock awards where recipients have satisfied the vesting terms. Diluted earnings per common share gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method.

The following table presents a summary of per common share data and amounts for the periods indicated.



	Three months ended June 30,				Six months ended June 30,
(in thousands, except per share data)	2016		2015		2016		2015
Net income as reported	$	12,352	$	8,716	$	23,377	$	18,062

Weighted average common shares outstanding	20,003		19,978		20,002		19,958
Additional dilutive common stock equivalents	213		190		224		211
Weighted average diluted common shares outstanding	20,216		20,168		20,226		20,169

Basic earnings per common share:	$	0.62	$	0.44	$	1.17	$	0.91
Diluted earnings per common share:	$	0.61	$	0.43	$	1.16	$	0.90

For the three and six months ended June 30, 2016 and 2015, the amount of common stock equivalents excluded from the earnings per share calculations because their effect was anti-dilutive was zero, and 0.2 million common stock equivalents, respectively.