Earnings per Common Share

6 Months Ended

Jun. 30, 2017

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 June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Basic average common shares outstanding¹	16,457,196		17,065,663		16,470,525		17,293,091
Incremental shares due to:
Restricted stock units	37,703		53,108		35,922		32,355
Performance shares	78,351		89,783		74,975		60,617
Stock options	16,868		25,441		30,636		—
Diluted average common shares outstanding	16,590,118		17,233,995		16,612,058		17,386,063

Basic net earnings per common share	$	0.49	$	1.22	$	0.94	$	2.27
Diluted net earnings per common share	0.48		1.21		0.94		2.26

Anti-dilutive shares excluded from calculation	515,322		222,026		493,150		665,605


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