EARNINGS PER SHARE

Diluted earnings per share is calculated using both the two-class and the treasury stock methods with the more dilutive

method used to determine reported diluted earnings per share. The treasury stock method was more dilutive in 2018 and 2017 and was used to determine reported diluted earnings per share. The two-class method was more dilutive in 2016 and was used to determine diluted earnings per share. The following table reconciles the numerators and denominators of basic and diluted EPS:



	Years ended December 31,
(dollars in thousands, except share and per share data)	2018		2017		2016
Numerator for Earnings per Common Share—Basic:
Net income	$	105,334	$	72,968	$	71,392
Less: Income allocated to participating shares	304		242		225
Net Income Allocated to Common Shareholders	$	105,030	$	72,726	$	71,167
Numerator for Earnings per Common Share—Diluted:
Net income	$	105,334	$	72,968	$	71,392
Denominators:
Weighted Average Common Shares Outstanding—Basic	34,775,784		34,729,376		34,677,738
Add: Dilutive potential common shares	199,625		225,391		95,432
Denominator for Treasury Stock Method—Diluted	34,975,409		34,954,767		34,773,170
Weighted Average Common Shares Outstanding—Basic	34,775,784		34,729,376		34,677,738
Add: Average participating shares outstanding	100,733		115,418		109,755
Denominator for Two-Class Method—Diluted	34,876,517		34,844,794		34,787,493
Earnings per common share—basic	$	3.03	$	2.10	$	2.06
Earnings per common share—diluted	$	3.01	$	2.09	$	2.05
Warrants considered anti-dilutive excluded from dilutive potential common shares - exercise price $31.53 per share, expires January 2019⁽¹⁾	267,106		438,681		517,012
Restricted stock considered anti-dilutive excluded from dilutive potential common shares	81,587		88,578		116,749

⁽¹⁾We repurchased our outstanding warrant on September 11, 2018 for $7.7 million. Prior to the repurchase, the warrant provided the holder the right to 517,012 shares of common stock at a strike price of $31.53 per share via cashless exercise.