Earnings Per Share

6 Months Ended

Jun. 30, 2019

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)	2019		2018		2019		2018
Net income as reported	$	18,424	$	22,251	$	34,580	$	43,172

Weighted average common shares outstanding	26,887		23,124		25,415		23,119
Additional dilutive common stock equivalents	53		194		73		213
Weighted average diluted common shares outstanding	26,940		23,318		25,488		23,332

Basic earnings per common share:	$	0.69	$	0.96	$	1.36	$	1.87
Diluted earnings per common share:	0.68		0.95		$	1.36	$	1.85

For the three and six months ended June 30, 2019 there were approximately 130,000 and 99,000, respectively, common stock equivalents excluded from the earnings per share calculations because their effect would have been anti-dilutive. For the comparable periods in 2018, the amounts were immaterial.