Earnings Per Share

9 Months Ended

Sep. 30, 2018

Earnings Per Share [Abstract]

Earnings Per Share

Note 9 – Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in thousands except per share data)	2018		2017		2018		2017
Numerator:
Net income	$	16,106	$	13,763	$	43,519	$	36,581
Denominator:
Basic earnings per share:
Weighted average shares		17,691		17,633		17,683		17,625
Diluted earnings per share:
Effect of dilutive stock options and restricted stock grants		19		20		17		20
Adjusted weighted average shares		17,710		17,653		17,700		17,645
Earnings per share:
Basic earnings per share	$	0.91	$	0.78	$	2.46	$	2.08
Diluted earnings per share		0.91		0.78		2.46		2.07

There were no options to purchase common shares that were excluded from the diluted calculations above for the three and nine months ended September 30, 2018 and 2017.  In addition to in-the-money stock options, unvested restricted stock grants were also used in the calculation of diluted earnings per share based on the treasury method.