Earnings Per Share

9 Months Ended

Sep. 30, 2016

Note 9 – Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in thousands except per share data)	2016		2015		2016		2015
Numerator:
Net income	$	12,312	$	11,222	$	35,480	$	34,562

Denominator:
Basic earnings per share:
Weighted average shares		17,554		17,440		17,532		17,420
Diluted earnings per share:
Effect of dilutive stock options and restricted stock grants		15		51		16		52
Adjusted weighted average shares		17,569		17,491		17,548		17,472

Earnings per share:
Basic earnings per share	$	0.70	$	0.64	$	2.02	$	1.98
Diluted earnings per share		0.70		0.64		2.02		1.98

There were no options to purchase common shares that were excluded from the diluted calculations above for the three months ended September 30, 2016, but options to purchase 15,730 common shares at a weighted average price of $35.409 were excluded for the nine months ended September 30, 2016, because the exercise prices on the options were greater than the average market price for the period. In addition to in-the-money stock options, unvested restricted stock grants were also used in the calculation of diluted earnings per share based on the treasury method. There were no options to purchase common shares that were excluded from the diluted calculations above for the three and nine months ended September 30, 2015.