Note 4. Earnings Per Share

The Company calculates earnings per share under ASC 260, “Earnings Per Share”. Basic earnings per share exclude dilution and are computed by dividing income available to common shareholders by the weighted average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted into common stock.

The following tables show the Company’s earnings per share for the periods presented:



	For the three months ended
	September 30, 2018
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share from continuing operations
Net earnings available to common shareholders	$ 61,301	56,442,222	$ 1.09
Effect of dilutive securities
Common stock options	-	661,079	(0.02)
Diluted earnings per share
Net earnings available to common shareholders	$ 61,301	57,103,301	$ 1.07



	For the three months ended
	September 30, 2018
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic loss per share from discontinued operations
Net loss available to common shareholders	$ (24)	56,442,222	$ -
Effect of dilutive securities
Common stock options	-	661,079	-
Diluted loss per share
Net loss available to common shareholders	$ (24)	57,103,301	$ -



	For the three months ended
	September 30, 2018
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share
Net earnings available to common shareholders	$ 61,277	56,442,222	$ 1.09
Effect of dilutive securities
Common stock options	-	661,079	(0.02)
Diluted earnings per share
Net earnings available to common shareholders	$ 61,277	57,103,301	$ 1.07

Stock options for 136,500 shares, exercisable at $10.45 per share, were outstanding at September 30, 2018, but were not included in the dilutive shares because the exercise price per share was greater than the average market price.



	For the nine months ended
	September 30, 2018
	Income	Shares	Per share
	(numerator)	(denominator)	amount
	(dollars in thousands except share and per share data)
Basic earnings per share from continuing operations
Net earnings available to common shareholders	$ 81,477	56,309,390	$ 1.45
Effect of dilutive securities
Common stock options	-	775,454	(0.02)
Diluted earnings per share
Net earnings available to common shareholders	$ 81,477	57,084,844	$ 1.43



	For the nine months ended
	September 30, 2018
	Income	Shares	Per share
	(numerator)	(denominator)	amount
	(dollars in thousands except share and per share data)
Basic earnings per share from discontinued operations
Net earnings available to common shareholders	$ 81	56,309,390	$ -
Effect of dilutive securities
Common stock options	-	775,454	-
Diluted earnings per share
Net earnings available to common shareholders	$ 81	57,084,844	$ -



	For the nine months ended
	September 30, 2018
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share
Net earnings available to common shareholders	$ 81,558	56,309,390	$ 1.45
Effect of dilutive securities
Common stock options	-	775,454	(0.02)
Diluted earnings per share
Net earnings available to common shareholders	$ 81,558	57,084,844	$ 1.43

Stock options for 1,429,500 shares, exercisable at prices between $6.75 and $10.45 per share, were outstanding at September 30, 2018, and included in the dilutive shares because the exercise price per share was less than the average market price. RSU’s are not included as dilutive shares.



	For the three months ended
	September 30, 2017
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share from continuing operations
Net earnings available to common shareholders	$ 6,770	55,758,433	$ 0.12
Effect of dilutive securities
Common stock options	-	554,405	-
Diluted earnings per share
Net earnings available to common shareholders	$ 6,770	56,312,838	$ 0.12



	For the three months ended
	September 30, 2017
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share from discontinued operations
Net earnings available to common shareholders	$ 511	55,758,433	$ 0.01
Effect of dilutive securities
Common stock options	-	554,405	-
Diluted earnings per share
Net earnings available to common shareholders	$ 511	56,312,838	$ 0.01



	For the three months ended
	September 30, 2017
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share
Net earnings available to common shareholders	$ 7,281	55,758,433	$ 0.13
Effect of dilutive securities
Common stock options	-	554,405	-
Diluted earnings per share
Net earnings available to common shareholders	$ 7,281	56,312,838	$ 0.13

Stock options for 1,633,375 shares, exercisable at prices between $6.75 and $10.45 per share, were outstanding at September 30, 2017 but were not included in dilutive shares because the exercise price per share was greater than the average market price.



	For the nine months ended
	September 30, 2017
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share from continuing operations
Net earnings available to common shareholders	$ 30,670	55,661,538	$ 0.55
Effect of dilutive securities
Common stock options	-	382,371	-
Diluted earnings per share
Net earnings available to common shareholders	$ 30,670	56,043,909	$ 0.55



	For the nine months ended
	September 30, 2017
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share from discontinued operations
Net earnings available to common shareholders	$ 3,438	55,661,538	$ 0.06
Effect of dilutive securities
Common stock options	-	382,371	-
Diluted earnings per share
Net earnings available to common shareholders	$ 3,438	56,043,909	$ 0.06



	For the nine months ended
	September 30, 2017
	Income	Shares	Per share
	(numerator)	(denominator)	amount

	(dollars in thousands except share and per share data)
Basic earnings per share
Net earnings available to common shareholders	$ 34,108	55,661,538	$ 0.61
Effect of dilutive securities
Common stock options	-	382,371	-
Diluted earnings per share
Net earnings available to common shareholders	$ 34,108	56,043,909	$ 0.61

Stock options for 1,953,375 shares exercisable at prices between $6.75 and $10.45 per share, were outstanding at September 30, 2017 but were not included in dilutive shares because the exercise price per share was greater than the average market price.