EARNINGS PER SHARE

Earnings per common and common equivalent share are computed using the weighted average number of shares of common stock and common stock equivalents outstanding during each period. If dilutive, the effect of stock options, treated as common stock equivalents, is calculated using the treasury stock method.

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



	Three Months Ended March 31,
In Thousands	2018		2017

Numerator:
Net income	$	11,353	$	13,632

Denominator:
Denominator for basic earnings per share – weighted average shares	20,835		20,738

Effect of dilutive securities:
Employee stock options	76		96

Denominator for diluted earnings per share – weighted average shares	20,911		20,834

The weighted average of employee stock options excluded from the determination of diluted earnings per common and common equivalent share for the first quarter was 146,000 in 2018 and 114,000 in 2017. Such options were anti-dilutive for their respective periods.