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 June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
	(in thousands, except share and per share amounts)
Net income to shareholders	$	16,984		$	14,541		$	32,617		$	32,991

Weighted average common shares outstanding:
Basic	29,882,988			29,406,877			29,823,982			29,348,557
Common share equivalents	410,945			900,222			419,964			969,028
Diluted	30,293,933			30,307,099			30,243,946			30,317,585

Earnings per share:
Basic	$	0.57		$	0.49		$	1.09		$	1.12
Common share equivalents	(0.01		)	(0.01		)	(0.01		)	(0.03		)
Diluted	$	0.56		$	0.48		$	1.08		$	1.09

Common share equivalents relate to stock options and restricted share units (“RSU’s”). For the three and six months ended June 30, 2018, common share equivalents of 182,246 and 187,502 shares, respectively, were excluded from the calculations of diluted earnings per share as their effects were anti-dilutive. For the three and six months ended June 30, 2017, common share equivalents of 201,821 and 150,075 shares, respectively, were excluded from the calculations of diluted earnings per share as their effects were anti-dilutive.