Computation of Earnings Per Share

3 Months Ended

Mar. 31, 2018

(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
	2018		2017 As Adjusted (Note 1)
Numerator:
Net income	$	21,125	$	11,395
Denominator:
Denominator for basic earnings per share–weighted average common shares		25,698		25,225
Effect of dilutive stock options		172		118
Effect of other common stock equivalents		438		628
Denominator for diluted earnings per share–adjusted weighted average common shares		26,308		25,971

Basic Earnings Per Share	$	0.82	$	0.45

Diluted Earnings Per Share	$	0.80	$	0.44

For the quarter ended March 31, 2018, options and restricted stock for 63,062 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, 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.