Note 10 — 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
(Dollars and shares in thousands, except for per share amounts)	2018		2017
Basic earnings per common share:
Net income	$	42,326	$	18,264
Weighted-average basic common shares		36,646		28,892
Basic earnings per common share	$	1.15	$	0.63
Diluted earnings per share:
Net income	$	42,326	$	18,264
Weighted-average basic common shares		36,646		28,892
Effect of dilutive securities		253		267
Weighted-average dilutive shares		36,899		29,159
Diluted earnings per common share	$	1.15	$	0.63

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 March 31,
(Dollars in thousands)	2018					2017
Number of shares					61,272					34,712
Range of exercise prices	$	91.05	to	$	91.35	$	69.48	to	$	91.35