Earnings Per Share

9 Months Ended

Sep. 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 September 30,				Nine months ended September 30,
(in thousands, except per share data)	2019		2018		2019		2018
Net income as reported	$	29,069	$	22,516	$	63,649	$	65,688

Weighted average common shares outstanding	26,778		23,148		25,878		23,129
Additional dilutive common stock equivalents	90		181		98		211
Weighted average diluted common shares outstanding	26,868		23,329		25,976		23,340

Basic earnings per common share:	$	1.09	$	0.97	$	2.46	$	2.84
Diluted earnings per common share:	1.08		0.97		$	2.45	$	2.81

For the three and nine months ended September 30, 2019 common stock equivalents of approximately 21,000 and 26,000, respectively, were 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.