Earnings Per Share

12 Months Ended

Dec. 31, 2017

EARNINGS PER SHARE:

Basic earnings per common share (“EPS”) is computed by dividing net income available to common stockholders by the weighted average number of shares outstanding. Diluted EPS is computed based on the weighted average shares of common stock outstanding plus the effect of any dilutive shares of restricted stock granted to employees and non-employee directors. There were 6,614, 984 and 5,993 anti-dilutive restricted shares as of December 31, 2017, 2016 and 2015, respectively.

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share and share amounts):



	Years ended December 31,
	2017		2016		2015
Net income	$	19,989	$	22,647	$	27,105

Weighted average shares outstanding – basic	8,147,742		7,961,891		7,756,647
Dilutive potential shares from unvested restricted shares	252,280		182,979		350,755
Dilutive potential shares from contingent consideration	—		20,605		41,997
Weighted average shares outstanding – diluted	8,400,022		8,165,475		8,149,399
Earnings per share:
Basic	$	2.45	$	2.84	$	3.49
Diluted	$	2.38	$	2.77	$	3.33