EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2018

Earnings per share have been computed based on the following (average diluted shares outstanding are calculated using the treasury stock method):



	Three Months Ended March 31,
(In thousands, except per share data)	2018		2017
Net income	$	25,248	$	15,460

Average number of common shares issued	46,212		36,732
Less: average number of treasury shares	869		1,020
Less: average number of unvested stock award shares	420		432
Plus: average participating preferred shares	1,043		—
Average number of basic shares outstanding	45,966		35,280
Plus: dilutive effect of unvested stock award shares	202		126
Plus: dilutive effect of stock options outstanding	32		46
Average number of diluted shares outstanding	46,200		35,452

Earnings per share:
Basic	$	0.55	$	0.44
Diluted	$	0.55	$	0.44

For the three months ended March 31, 2018, 219 thousand shares of restricted stock and 36 thousand options were anti-dilutive and therefore excluded from the earnings per share calculations. For the three months ended March 31, 2017, 306 thousand shares of restricted stock and 55 thousand options were anti-dilutive and therefore excluded from the earnings per share calculations.