Earnings Per Share

9 Months Ended

Sep. 30, 2019

Earnings Per Share

Earnings Per Share

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. Our 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)	2019		2018		2019		2018
Basic earnings per common share:
Net income	$	51,565	$	47,082	$	137,392	$	129,867
Weighted-average basic common shares		34,057		36,645		34,859		36,657
Basic earnings per common share	$	1.51	$	1.28	$	3.94	$	3.53
Diluted earnings per share:
Net income	$	51,565	$	47,082	$	137,392	$	129,867
Weighted-average basic common shares		34,057		36,645		34,859		36,657
Effect of dilutive securities		243		248		210		252
Weighted-average dilutive shares		34,300		36,893		35,069		36,909
Diluted earnings per common share	$	1.50	$	1.28	$	3.92	$	3.52

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)	2019					2018					2019					2018
Number of shares					62,235					62,235					63,313					62,235
Range of exercise prices	$	87.30	to	$	91.35	$	87.30	to	$	91.35	$	69.48	to	$	91.35	$	87.30	to	$	91.35