Earnings Per Share

3 Months Ended

Mar. 31, 2018

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 March 31,
	2018			2017
	(in thousands, except share and per share amounts)
Net income to shareholders	$	15,633		$	18,450

Weighted average common shares outstanding:
Basic	29,764,320			29,289,588
Common share equivalents	428,983			1,037,835
Diluted	30,193,303			30,327,423

Earnings per share:
Basic	$	0.53		$	0.63
Common share equivalents	(0.01		)	(0.02		)
Diluted	$	0.52		$	0.61

Common share equivalents relate to stock options and restricted share units (“RSU’s”). For the three months ended March 31, 2018 and 2017, common share equivalents of 192,817 and 97,755 shares, respectively, were excluded from the calculations of diluted earnings per share as their effects were anti-dilutive.