Basic and Diluted Earnings Per Share

3 Months Ended

Mar. 31, 2018

BASIC AND DILUTED EARNINGS PER SHARE

Basic earnings per share (“EPS”) is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted EPS reflect the effect of common stock equivalents, including stock options and unvested shares, calculated using the treasury stock method. Common stock equivalents are excluded from the computation of diluted EPS in periods in which the effect is anti-dilutive.

The following table presents the computation of basic and diluted EPS:



	Three Months Ended March 31,
	2018		2017
	(Dollars in thousands, except share and per share data)
Net income available to common stockholders	$	40,099	$	38,989
Weighted average number of common shares - basic	45,239,988		41,730,610
Effect of dilutive securities:
Employee stock-based compensation awards	2,339,321		3,842,606
Weighted average number of common shares - diluted	47,579,309		45,573,216
Basic earnings per share	$	0.89	$	0.93
Diluted earnings per share	$	0.84	$	0.86
Weighted average number of anti-dilutive equity awards	28,813		13,139