Earnings per Share

3 Months Ended

Mar. 31, 2018

BASIC AND DILUTED EARNINGS PER COMMON SHARE

Note C – Earnings per Share

For the three month periods ended March 31, 2018 and 2017, options to purchase 274,000 shares and 84,000 shares, respectively, were antidilutive and accordingly were excluded in determining diluted earnings per share.

	Three Months Ended
	March 31,
	2018		2017
	(In thousands, except per share data)
Basic earnings per share
Net income	$	18,027	$	7,926
Average common stock outstanding		46,951,829		38,839,284
Net income per share	$	0.38	$	0.20

Diluted earnings per share
Net income	$	18,027	$	7,926
Average common stock outstanding		46,951,829		38,839,284
Add: Dilutive effect of employee restricted stock and stock options		736,559		659,551
Average diluted stock outstanding		47,688,388		39,498,835
Net income per share	$	0.38	$	0.20

The dilutive impact of restricted stock and stock options is calculated under the treasury method.

On February 21, 2017, the Company completed a public offering of 2,702,500 shares of common stock, generating net proceeds of $55.7 million. In addition, CapGen Capital Group III LP (“CapGen”), in conjunction with the Company’s offering, sold 6,210,000 shares of the Company’s common stock, with no net proceeds to the Company.