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Computation of Earnings Per Share
 9 Months Ended
Sep. 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):

 

 

 

Third Quarter

 

 

Nine Months

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

14,407

 

 

$

13,826

 

 

$

43,397

 

 

$

37,676

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator for basic  earnings per share–weighted

     average common shares

 

 

25,527

 

 

 

25,038

 

 

 

25,494

 

 

 

25,022

 

Effect of dilutive stock options

 

 

152

 

 

 

52

 

 

 

124

 

 

 

46

 

Effect of other common stock equivalents

 

 

434

 

 

 

568

 

 

 

432

 

 

 

557

 

Denominator for diluted earnings per share–adjusted

     weighted average common shares

 

 

26,113

 

 

 

25,658

 

 

 

26,050

 

 

 

25,625

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic Earnings Per Share

 

$

0.56

 

 

$

0.55

 

 

$

1.70

 

 

$

1.51

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings Per Share

 

$

0.55

 

 

$

0.54

 

 

$

1.67

 

 

$

1.47

 

 

For the quarter and nine months ended September 30, 2017, options and restricted stock for 63,104 shares of common stock were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive.  For the quarter and nine months ended September 30, 2016, options and restricted stock for 402,770 and 516,312 shares of common stock, respectively, were excluded from the calculation of diluted earnings per share because their effect was anti-dilutive.