Earnings per Share

9 Months Ended

Sep. 30, 2019

Basic earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of shares of common stock outstanding during the period.

For both the three and nine months ended September 30, 2019, options to purchase 492,000 shares were antidilutive in each period and, accordingly, were excluded in the computation of diluted earnings per share, compared to 481,000 and 412,000 shares, respectively, for the three and nine months ended September 30, 2018.



	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands, except per share data)	2019		2018		2019		2018
Basic earnings per share
Net income	$	25,605	$	16,322	$	71,563	$	51,313
Average common shares outstanding	51,473		47,205		51,426		47,108
Net income per share	$	0.50	$	0.35	$	1.39	$	1.09

Diluted earnings per share
Net income	$	25,605	$	16,322	$	71,563	$	51,313
Average common shares outstanding	51,473		47,205		51,426		47,108
Add: Dilutive effect of employee restricted stock and stock options	462		824		570		795
Average diluted shares outstanding	51,935		48,029		51,996		47,903
Net income per share	$	0.49	$	0.34	$	1.38	$	1.07