Earnings Per Share

12 Months Ended

Dec. 31, 2018

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Earnings Per Share

3. EARNINGS PER SHARE

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

	For the Year Ended December 31,
	2018		2017		2016
(in thousands, except shares and per share data)
Calculation of Basic Earnings Per Share:
Net Income	$	56,580	$	58,124	$	44,675
Weighted average shares outstanding	16,369,616		16,336,789		15,570,539
Basic Earnings Per Share	$	3.46	$	3.56	$	2.87
Calculation of Diluted Earnings Per Share:
Net Income	$	56,580	$	58,124	$	44,675
Reconciliation of Denominator:
Weighted average shares outstanding — Basic	16,369,616		16,336,789		15,570,539
Effect of dilutive securities — Share-based compensation	50,254		46,563		42,552
Adjusted denominator — Diluted	16,419,870		16,383,352		15,613,091
Diluted Earnings Per Share	$	3.45	$	3.55	$	2.86