Earnings per Common Share

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Basic average common shares outstanding¹	16,457,991		16,844,920		16,466,325		17,141,329
Incremental shares due to:
Restricted stock units	42,122		54,796		37,021		35,853
Performance shares	50,506		104,476		42,914		74,604
Stock options	16,265		55,466		26,347		1,148
Diluted average common shares outstanding	16,566,884		17,059,658		16,572,607		17,252,934

Basic net earnings per common share	$	0.05	$	0.05	$	1.00	$	2.35
Diluted net earnings per common share	0.05		0.05		0.99		2.33

Anti-dilutive shares excluded from calculation	468,624		5,783		525,655		502,293


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