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Earnings Per Share
 9 Months Ended
Sep. 30, 2017
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
 
The following represents a reconciliation of the numerator and denominator of the basic and diluted earnings per share computations contained in the condensed consolidated financial statements:
 
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2017
 
2016
 
2017
 
2016
 
(in thousands, except share and per share amounts)
Net income to shareholders
$
10,351

 
$
21,366

 
$
43,342

 
$
48,799

 
 
 
 
 
 
 
 
Weighted average common shares outstanding:
 
 
 
 
 
 
 
Basic
29,524,243

 
29,101,550

 
29,407,762

 
29,030,284

Common share equivalents
695,834

 
833,602

 
877,971

 
804,402

Diluted
30,220,077

 
29,935,152

 
30,285,733

 
29,834,686

 
 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
Basic
$
0.35

 
$
0.73

 
$
1.47

 
$
1.68

Common share equivalents
(0.01
)
 
(0.02
)
 
(0.04
)
 
(0.04
)
Diluted
$
0.34

 
$
0.71

 
$
1.43

 
$
1.64



 
Common share equivalents relate to stock options and restricted share units (“RSU’s”). For the three and nine months ended September 30, 2017, common share equivalents of 203,758 and 168,167 shares, respectively, were excluded from the calculations of diluted earnings per share as their effects were anti-dilutive. For the three and nine months ended September 30, 2016, all common share equivalents were dilutive.