Earnings per Share

3 Months Ended

Dec. 31, 2016

Basic earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period, excluding outstanding non-vested restricted stock awards. Diluted earnings per common share is calculated by dividing net income available to common shareholders by the weighted average number of common shares outstanding determined for the basic earnings per share calculation plus the dilutive effect of stock compensation using the treasury stock method.

The following information was used in the computation of basic earnings per share (EPS) for the three months ended December 31, 2016 and 2015:



	Three Months Ended December 31,
	2016		2015
	(dollars in thousands, except per share data)
Net income	$	36,903	$	30,461

Weighted average common shares outstanding	58,750,522		55,253,712
Dilutive effect of stock based compensation	241,383		139,740
Weighted average common shares outstanding for diluted earnings per share calculation	58,991,905		55,393,452

Basic earnings per share	$	0.63	$	0.55
Diluted earnings per share	$	0.63	$	0.55

The Company had 50,076 and 36,696 shares of unvested performance stock as of December 31, 2016 and 2015, respectively, which were not included in the computation of diluted earnings per common share because performance conditions for vesting had not been met. The Company had 95,553 and 176,029 shares of anti-dilutive stock awards outstanding as of December 31, 2016 and 2015, respectively.