Earnings Per Common Share

6 Months Ended

Jun. 30, 2017

Earnings Per Share

Earnings Per Share

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				Six Months Ended
	June 30,				June 30,
(Dollars and shares in thousands, except for per share amounts)	2017		2016		2017		2016
Basic earnings per common share:
Net income	$	31,823	$	24,516	$	50,087	$	49,010
Weighted-average basic common shares		29,095		23,995		28,985		23,977
Basic earnings per common share	$	1.09	$	1.02	$	1.73	$	2.04
Diluted earnings per share:
Net income	$	31,823	$	24,516	$	50,087	$	49,010
Weighted-average basic common shares		29,095		23,995		28,985		23,977
Effect of dilutive securities		270		242		267		228
Weighted-average dilutive shares		29,365		24,237		29,252		24,205
Diluted earnings per common share	$	1.08	$	1.01	$	1.71	$	2.02

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 June 30,										Six Months Ended June 30,
(Dollars in thousands)	2017					2016					2017					2016
Number of shares					34,712					72,480					34,712					72,480
Range of exercise prices	$	69.48	to	$	91.35	$	61.42	to	$	69.48	$	69.48	to	$	91.35	$	61.42	to	$	69.48