Earnings Per Share

9 Months Ended

Sep. 30, 2017

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 September 30,				Nine months ended September 30,
(in thousands, except per share data)	2017		2016		2017		2016
Net income as reported	$	16,315	$	11,832	$	40,661	$	35,209

Weighted average common shares outstanding	23,324		19,997		22,914		20,002
Additional dilutive common stock equivalents	250		227		295		229
Weighted average diluted common shares outstanding	23,574		20,224		23,209		20,231

Basic earnings per common share:	$	0.70	$	0.59	$	1.77	$	1.76
Diluted earnings per common share:	$	0.69	$	0.59	$	1.75	$	1.74

For the three and nine months ended September 30, 2017 and 2016, there were no common stock equivalents excluded from the earnings per share calculations because their effect would have been anti-dilutive.