EARNINGS PER SHARE

The computations of basic and diluted earnings per share follow:



	For the Three Months Ended June 30,
	2018					2017
Dollars in thousands, except per share amounts	Income (Numerator)		Common Shares (Denominator)	Per Share		Income (Numerator)		Common Shares (Denominator)	Per Share
Net income	$	6,280				$	5,278

Basic earnings per share	$	6,280	12,366,522	$	0.51	$	5,278	12,288,514	$	0.43

Effect of dilutive securities:
Stock options			7,814					10,593
Stock appreciation rights (SARs)			57,648					80

Diluted earnings per share	$	6,280	12,431,984	$	0.51	$	5,278	12,299,187	$	0.43



	For the Six Months Ended June 30,
	2018					2017
Dollars in thousands, except per share amounts	Income (Numerator)		Common Shares (Denominator)	Per Share		Income (Numerator)		Common Shares (Denominator)	Per Share
Net income	$	13,723				$	3,662

Basic earnings per share	$	13,723	12,362,679	$	1.11	$	3,662	11,517,721	$	0.32

Effect of dilutive securities:
Stock options			7,668					11,549
Stock appreciation rights (SARs)			55,405					17,455

Diluted earnings per share	$	13,723	12,425,751	$	1.10	$	3,662	11,546,725	$	0.32

Stock option and stock appreciation right (SAR) grants are disregarded in this computation if they are determined to be anti-dilutive. There were no anti-dilutive stock options for the three and six months ended June 30, 2018. Our anti-dilutive stock options for the three and six months ended June 30, 2017 were 23,400 shares. Our anti-dilutive SARs for the three and six months ended June 30, 2018 and June 30, 2017 were 87,615.