NOTE 9: EARNINGS PER SHARE

Basic earnings per share excludes dilution and is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if contracts to issue common stock were exercised or converted into common stock that would then share in earnings. The following table sets forth the Company’s unaudited earnings per share calculations for the periods indicated:

	Quarter Ended September 30, 2017				Quarter Ended September 30, 2016
(dollars in thousands, except per share amounts)	Basic		Diluted		Basic		Diluted

Net income	$	9,580	$	9,580	$	9,058	$	9,058

Basic common shares outstanding		34,565,949		34,565,949		32,514,016		32,514,016
Effect of contingent shares issuable				1,592				1,592
Effect of options and restricted stock				692,091				1,060,286
Diluted common shares outstanding				35,259,632				33,575,894

Earnings per share	$	0.28	$	0.27	$	0.28	$	0.27

	Nine Months Ended September 30, 2017				Nine Months Ended September 30, 2016
(dollars in thousands, except per share amounts)	Basic		Diluted		Basic		Diluted

Net income	$	25,309	$	25,309	$	16,786	$	16,786

Basic common shares outstanding		33,671,327		33,671,327		32,264,224		32,264,224
Effect of contingent shares issuable				1,592				1,592
Effect of options and restricted stock				926,894				1,099,798
Diluted common shares outstanding				34,599,813				33,365,614

Earnings per share	$	0.75	$	0.73	$	0.52	$	0.50

Based on a weighted average basis, options to purchase 8,802 shares of common stock were excluded for the nine months ended September 30, 2016, because their effect would have been anti-dilutive.