EARNINGS PER SHARE

The computations of basic and diluted earnings per share follow:



	For the Three Months Ended September 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	$	6,899				$	5,930

Basic earnings per share	$	6,899	12,374,350	$	0.56	$	5,930	12,299,987	$	0.48

Effect of dilutive securities:
Stock options			7,349					10,911
Stock appreciation rights (SARs)			57,352					8,061

Diluted earnings per share	$	6,899	12,439,051	$	0.55	$	5,930	12,318,959	$	0.48



	For the Nine Months Ended September 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	$	20,622				$	9,592

Basic earnings per share	$	20,622	12,366,612	$	1.67	$	9,592	11,781,342	$	0.81

Effect of dilutive securities:
Stock options			7,561					11,336
Stock appreciation rights (SARs)			56,054					14,324

Diluted earnings per share	$	20,622	12,430,227	$	1.66	$	9,592	11,807,002	$	0.81

Stock option and stock appreciation right (SAR) grants are disregarded in this computation if they are determined to be anti-dilutive. Our anti-dilutive stock options for the three and nine months ended September 30, 2018 were 15,600 shares and for the three and nine months ended September 30, 2017 were 23,400 shares. Our anti-dilutive SARs for the three and nine months ended September 30, 2018 and September 30, 2017 were 87,615.