Earnings Per Share

12 Months Ended

Dec. 31, 2017

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Earnings Per Share

3. EARNINGS PER SHARE

The following table presents the calculation of the Company’s basic and diluted earnings per share for the years ended December 31:

	For the Year Ended December 31,
	2017		2016		2015
(in thousands, except shares and per share data)
Calculation of Basic Earnings Per Share:
Net Income	$	58,124	$	44,675	$	41,140
Weighted average shares outstanding	16,336,789		15,570,539		15,094,423
Basic Earnings Per Share	$	3.56	$	2.87	$	2.73
Calculation of Diluted Earnings Per Share:
Net Income	$	58,124	$	44,675	$	41,140
Reconciliation of Denominator:
Weighted average shares outstanding — Basic	16,336,789		15,570,539		15,094,423
Effect of dilutive securities — Share-based compensation	46,563		42,552		48,950
Adjusted denominator — Diluted	16,383,352		15,613,091		15,143,373
Diluted Earnings Per Share	$	3.55	$	2.86	$	2.72