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 September 30,				Nine Months Ended September 30,
In Thousands	2018		2017		2018		2017

Numerator:
Net income	$	23,678	$	13,964	$	53,120	$	38,529

Denominator:
Denominator for basic earnings per share – weighted average shares	20,853		20,758		20,839		20,749

Effect of dilutive securities:
Employee stock options	66		79		71		86

Denominator for diluted earnings per share – weighted average shares	20,919		20,837		20,910		20,835

The weighted average of employee stock options excluded from the determination of diluted earnings per common and common equivalent share for the third 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 nine months ended September 30 was 159,537 in 2018 and 123,963 in 2017. Such options were anti-dilutive for their respective periods.