EARNINGS PER COMMON SHARE

9 Months Ended

Sep. 30, 2019

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



	Three months ended				Nine months ended
	September 30,				September 30,
(Dollars in thousands, except per share data)	2019		2018		2019		2018
Numerator
Net income available to common shareholders	$	50,856	$	50,657	$	149,398	$	117,581

Denominator
Weighted average shares outstanding for basic earnings per common share	98,517,025		97,411,201		98,177,802		85,602,116
Effect of dilutive securities
Employee stock awards	560,698		536,760		545,371		515,566
Warrants	0		536,267		0		522,245
Adjusted weighted average shares for diluted earnings per common share	99,077,723		98,484,228		98,723,173		86,639,927

Earnings per share available to common shareholders
Basic	$	0.52	$	0.52	$	1.52	$	1.37
Diluted	$	0.51	$	0.51	$	1.51	$	1.36

First Financial had no warrants outstanding to purchase the Company's common stock as of September 30, 2019. Warrants acquired in the MSFG merger were outstanding as of December 31, 2018 and were exercised in January 2019. At September 30, 2018, First Financial had warrants outstanding representing the right to purchase 17,172 shares of common stock at an exercise price of $12.09 per share.

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, 2019 and September 30, 2018.