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:



	Quarter Ended June 30,				Six Months Ended June 30,
In Thousands	2018		2017		2018		2017

Numerator:
Net income	$	18,089	$	10,933	$	29,442	$	24,565

Denominator:
Denominator for basic earnings per share – weighted average shares	20,847		20,751		20,838		20,745

Effect of dilutive securities:
Employee stock options	71		84		73		89

Denominator for diluted earnings per share – weighted average shares	20,918		20,835		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 second quarter was 166,500 in 2018 and 129,000 in 2017. The weighted average of employee stock options excluded from the determination of diluted earnings per common and common equivalent share for the six months ended June 30 was 156,056 in 2018 and 121,445 in 2017. Such options were anti-dilutive for their respective periods.