Earnings Per Common Share

9 Months Ended

Sep. 30, 2016

Note 11 — Earnings Per Share

Basic earnings per share are calculated by dividing net income by the weighted-average shares of common stock outstanding during each period, excluding non-vested shares. The Company’s diluted earnings per share are based on the weighted-average shares of common stock outstanding during each period plus the maximum dilutive effect of common stock issuable upon exercise of stock options or vesting of restricted shares. The weighted-average number of shares and equivalents are determined after giving retroactive effect to stock dividends and stock splits.

The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(Dollars and shares in thousands, except for per share amounts)	2016		2015		2016		2015
Basic earnings per common share:
Net income	$	28,095	$	25,140	$	77,105	$	73,938
Weighted-average basic common shares		24,016		23,984		23,989		23,956
Basic earnings per common share	$	1.17	$	1.05	$	3.21	$	3.09
Diluted earnings per share:
Net income	$	28,095	$	25,140	$	77,105	$	73,938
Weighted-average basic common shares		24,016		23,984		23,989		23,956
Effect of dilutive securities		262		301		240		279
Weighted-average dilutive shares		24,278		24,285		24,229		24,235
Diluted earnings per common share	$	1.16	$	1.04	$	3.18	$	3.05

The calculation of diluted earnings per common share excludes outstanding stock options for which the results would have been anti-dilutive under the treasury stock method as follows:


	Three Months Ended September 30,										Nine Months Ended September 30,
(Dollars in thousands)	2016					2015					2016					2015
Number of shares					52,064					46,798					72,480					47,865
Range of exercise prices	$	61.42	to	$	69.48	$	61.42	to	$	66.32	$	61.42	to	$	69.48	$	61.42	to	$	66.32