11.

Earnings Per Share

Earnings per share have been computed using the weighted average number of ordinary shares and ordinary share equivalents outstanding during the period.

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


	Quarters Ended March 31,
(Dollars in thousands, except share and per share data)	2018		2017
Net income	$	5,701	$	12,282

Basic earnings per share:
Weighted average shares outstanding – basic		14,055,022		17,316,015

Net income per share	$	0.41	$	0.71

Diluted earnings per share:
Weighted average shares outstanding – diluted		14,285,837		17,646,080

Net income per share	$	0.40	$	0.70

A reconciliation of weighted average shares for basic earnings per share to weighted average shares for diluted earnings per share is as follows:


	Quarters Ended March 31,
	2018		2017
Weighted average shares for basic earnings per share		14,055,022		17,316,015
Non-vested restricted stock		68,782		136,380
Options		162,033		193,685

Weighted average shares for diluted earnings per share		14,285,837		17,646,080

The weighted average shares outstanding used to determine dilutive earnings per share for the quarter ended March 31, 2018 does not include 600,000 shares which were deemed to be anti-dilutive. There were no anti-dilutive shares for the quarter ended March 31, 2017.