EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2018

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



	Three months ended				Nine months ended
	September 30,				September 30,
(Dollars in thousands, except per share data)	2018		2017		2018		2017
Numerator
Net income available to common shareholders	$	50,657	$	24,826	$	117,581	$	71,976

Denominator
Basic earnings per common share - weighted average shares	97,411,201		61,577,619		85,602,116		61,507,160
Effect of dilutive securities
Employee stock awards	536,760		552,774		515,566		617,128
Warrants	536,267		59,244		522,245		61,586
Diluted earnings per common share - adjusted weighted average shares	98,484,228		62,189,637		86,639,927		62,185,874

Earnings per share available to common shareholders
Basic	$	0.52	$	0.40	$	1.37	$	1.17
Diluted	$	0.51	$	0.40	$	1.36	$	1.16

First Financial had two warrants outstanding to purchase the Company's common stock as of September 30, 2018. The first warrant represents the right to purchase 17,172 shares of common stock at an exercise price of $12.09 per share, and expires in December 2018. The second warrant was acquired in the MSFG merger and represents the right to purchase 793,520 shares of First Financial's common stock at an exercise price of $10.71 per share and expires in January 2019. At September 30, 2017,

First Financial had one warrant outstanding representing the right to purchase 105,832 shares of common stock.

Stock options and warrants with exercise prices greater than the average market price of the common shares were not included in the computation of net income per diluted share, as they would have been antidilutive. Using the end of period price of the Company's common shares, there were no antidilutive options at September 30, 2018 and September 30, 2017.