Earnings Per Share

12 Months Ended

Dec. 31, 2019

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 two-class method was more dilutive in 2019, 2018 and 2017 and was used to determine reported 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)	2019		2018		2017
Numerator for Earnings per Common Share—Basic:
Net income	$	98,234	$	105,334	$	72,968
Less: Income allocated to participating shares	260		304		242
Net Income Allocated to Common Shareholders	$	97,974	$	105,030	$	72,726
Numerator for Earnings per Common Share—Diluted:
Net income	$	98,234	$	105,334	$	72,968
Denominators:
Weighted Average Common Shares Outstanding—Basic	34,628,191		34,775,784		34,729,376
Add: Dilutive potential common shares	94,763		199,625		225,391
Denominator for Treasury Stock Method—Diluted	34,722,954		34,975,409		34,954,767
Weighted Average Common Shares Outstanding—Basic	34,628,191		34,775,784		34,729,376
Add: Average participating shares outstanding	51,287		100,733		115,418
Denominator for Two-Class Method—Diluted	34,679,478		34,876,517		34,844,794
Earnings per common share—basic	$	2.84	$	3.03	$	2.10
Earnings per common share—diluted	$	2.82	$	3.01	$	2.09
Warrants considered anti-dilutive excluded from dilutive potential common shares - exercise price $31.53 per share, expires January 2019⁽¹⁾	—		267,106		438,681
Restricted stock considered anti-dilutive excluded from dilutive potential common shares	12,686		81,587		88,578

⁽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.