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Earnings per Share
 3 Months Ended
Mar. 31, 2018
Earnings Per Share [Abstract]  
Earnings per Share

NOTE 4. EARNINGS PER SHARE

The following table reconciles the number of shares used in calculating basic and diluted earnings per share:

 

 

 

Three Months Ended March 31,

 

(Dollars in thousands, except per share amounts)

 

2018

 

 

2017

 

Net income

 

$

14,597

 

 

$

16,921

 

 

 

 

 

 

 

 

 

 

Basic weighted-average shares outstanding

 

 

50,424,910

 

 

 

40,777,901

 

Incremental shares due to:

 

 

 

 

 

 

 

 

Performance shares

 

 

328,478

 

 

 

257,021

 

Restricted stock units

 

 

32,796

 

 

 

35,687

 

Diluted weighted-average shares outstanding

 

 

50,786,184

 

 

 

41,070,609

 

 

 

 

 

 

 

 

 

 

Basic net income per share

 

$

0.29

 

 

$

0.41

 

Diluted net income per share

 

$

0.29

 

 

$

0.41

 

 

We issued 22.0 million shares in connection with the Deltic merger. See Note 3: Merger with Deltic.

For the three months ended March 31, 2018 and 2017, there were 64,217 and 81,440 stock-based awards that were excluded from the calculation of diluted earnings per share because they were anti-dilutive. Anti-dilutive stock-based awards could be dilutive in future periods.