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Computation of Earnings Per Share
 3 Months Ended
Mar. 31, 2017
Earnings Per Share [Abstract]  
Computation of Earnings Per Share

(2) Computation of Earnings Per Share

The calculation of basic earnings per common share and diluted earnings per common share was as follows (in thousands, except per share amounts):

 

 

 

First Quarter

 

 

 

2017

 

 

2016

 

Numerator:

 

 

 

 

 

 

 

 

Net income

 

$

11,387

 

 

$

10,575

 

Denominator:

 

 

 

 

 

 

 

 

Denominator for basic  earnings per share–weighted

     average common shares

 

 

25,225

 

 

 

24,998

 

Effect of dilutive stock options

 

 

118

 

 

 

48

 

Effect of other common stock equivalents

 

 

628

 

 

 

399

 

Denominator for diluted earnings per share–adjusted

     weighted average common shares

 

 

25,971

 

 

 

25,445

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share

 

$

0.45

 

 

$

0.42

 

 

 

 

 

 

 

 

 

 

Diluted Earnings Per Share

 

$

0.44

 

 

$

0.42

 

 

For the quarter ended March 31, 2017, options and restricted stock for 226,164 shares of common stock were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive.  For the quarter ended March 31, 2016, options and restricted stock for 554,672 shares of common stock were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive.