Earnings per Share

For the three and six months ended June 30, 2018, options to purchase 479,000 and 378,000 shares, respectively, were antidilutive and not included in the computation of diluted earnings per share, compared to 269,000 and 149,000, respectively, for the three and six months ended June 30, 2017. The dilutive impact of restricted stock and stock options is calculated under the treasury method.



	Three Months Ended June 30,				Six Months Ended June 30,
(Dollars in thousands, except per share data)	2018		2017		2018		2017
Basic earnings per share
Net income	$	16,964	$	7,676	$	34,991	$	15,602
Average common stock outstanding	47,164,909		42,841,152		47,058,958		40,851,273
Net income per share	$	0.36	$	0.18	$	0.74	$	0.38

Diluted earnings per share
Net income	$	16,964	$	7,676	$	34,991	$	15,602
Average common stock outstanding	47,164,909		42,841,152		47,058,958		40,851,273
Add: Dilutive effect of employee restricted stock and stock options	809,209		715,133		768,688		687,496
Average diluted stock outstanding	47,974,118		43,556,285		47,827,646		41,538,769
Net income per share	$	0.35	$	0.18	$	0.73	$	0.38

On February 21, 2017, the Company completed a public offering of 2,702,500 shares of common stock, generating net proceeds to the Company 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.