Earnings Per Share

6 Months Ended

Jun. 30, 2018

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)	2018		2017		2018		2017
Net income as reported	$	22,251	$	11,955	$	43,172	$	24,346

Weighted average common shares outstanding	23,124		23,475		23,119		22,706
Additional dilutive common stock equivalents	194		257		213		314
Weighted average diluted common shares outstanding	23,318		23,732		23,332		23,020

Basic earnings per common share:	$	0.96	$	0.51	$	1.87	$	1.07
Diluted earnings per common share:	$	0.95	$	0.50	$	1.85	$	1.06

For the three and six months ended June 30, 2018 and 2017, there were no common stock equivalents excluded from the earnings per share calculations because their effect would have been anti-dilutive.