Earnings per Common Share

3 Months Ended

Mar. 31, 2016

Basic earnings per share are based on the weighted average number of shares of common stock outstanding. Diluted earnings per share are based upon the weighted average number of shares of common stock outstanding plus all potentially dilutive securities that were assumed to be converted into common shares at the beginning of the period under the treasury stock method.

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



	Three Months Ended March 31,
	2016		2015
Basic average common shares outstanding¹	17,531,703		19,334,729
Incremental shares due to:
Restricted stock units	48,033		55,734
Performance shares	23,396		74,306
Diluted average common shares outstanding	17,603,132		19,464,769

Basic net earnings per common share	$	1.05	$	0.30
Diluted net earnings per common share	1.05		0.30

Anti-dilutive shares excluded from calculation	710,062		399,452


¹	Basic average common shares outstanding include restricted stock awards that are fully vested, but are deferred for future issuance.