Earnings per Share

For the three and nine months ended September 30, 2018, options to purchase 481,000 and 412,000 shares, respectively, were antidilutive and not included in the computation of diluted earnings per share, compared to 274,000 and 191,000, respectively, for the three and nine months ended September 30, 2017. The dilutive impact of restricted stock and stock options is calculated under the treasury method.



	Three Months Ended September 30,				Nine Months Ended September 30,
(Dollars in thousands, except per share data)	2018		2017		2018		2017
Basic earnings per share
Net income	$	16,322	$	14,216	$	51,313	$	29,818
Average common stock outstanding	47,205,383		43,151,248		47,108,302		41,626,356
Net income per share	$	0.35	$	0.33	$	1.09	$	0.72

Diluted earnings per share
Net income	$	16,322	$	14,216	$	51,313	$	29,818
Average common stock outstanding	47,205,383		43,151,248		47,108,302		41,626,356
Add: Dilutive effect of employee restricted stock and stock options	823,947		640,860		794,791		671,780
Average diluted stock outstanding	48,029,330		43,792,108		47,903,093		42,298,136
Net income per share	$	0.34	$	0.32	$	1.07	$	0.70

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.