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Computation of Earnings Per Share
 6 Months Ended
Jun. 30, 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):

 

 

 

Second Quarter

 

 

Six Months

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

17,603

 

 

$

13,275

 

 

$

28,990

 

 

$

23,850

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic  earnings per share–weighted

     average common shares

 

 

25,501

 

 

 

25,030

 

 

 

25,477

 

 

 

25,014

 

Effect of dilutive stock options

 

 

100

 

 

 

43

 

 

 

108

 

 

 

45

 

Effect of other common stock equivalents

 

 

399

 

 

 

510

 

 

 

397

 

 

 

501

 

Denominator for diluted earnings per share–adjusted

     weighted average common shares

 

 

26,000

 

 

 

25,583

 

 

 

25,982

 

 

 

25,560

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share

 

$

0.69

 

 

$

0.53

 

 

$

1.14

 

 

$

0.95

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings Per Share

 

$

0.68

 

 

$

0.52

 

 

$

1.12

 

 

$

0.93

 

 

For the quarter and six months ended June 30, 2017, options and restricted stock for 204,628 and 226,164 shares of common stock, respectively, were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive.  For the quarter and six months ended June 30, 2016, options and restricted stock for 516,312 and 534,527 shares of common stock, respectively, were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive.