Earnings Per Share

9 Months Ended

Sep. 30, 2018

EARNINGS PER SHARE

Basic earnings per common share data is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Common shares outstanding include common stock and restricted stock awards where recipients have satisfied the vesting terms. Diluted earnings per common share gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method.

The following table presents a summary of per common share data and amounts for the periods indicated.



	Three months ended September 30,				Nine months ended September 30,
(in thousands, except per share data)	2018		2017		2018		2017
Net income as reported	$	22,516	$	16,315	$	65,688	$	40,661

Weighted average common shares outstanding	23,148		23,324		23,129		22,914
Additional dilutive common stock equivalents	181		250		211		295
Weighted average diluted common shares outstanding	23,329		23,574		23,340		23,209

Basic earnings per common share:	$	0.97	$	0.70	$	2.84	$	1.77
Diluted earnings per common share:	$	0.97	$	0.69	$	2.81	$	1.75

For the three and nine months ended September 30, 2018 and 2017, there were no common stock equivalents excluded from the earnings per share calculations because their effect would have been anti-dilutive.