Net Income per Share of Common Stock

6 Months Ended

Jun. 30, 2016

The following table sets forth the computation of basic and diluted earnings per share:



	Three months ended June 30,				Six months ended June 30,
(dollars in thousands, except earnings per share)	2016		2015		2016		2015
Numerator for earnings per share:
Net income that is available to common shareholders	$	8,695	$	14,394	$	9,413	$	17,506

Denominator for basic earnings per share:
Weighted average shares outstanding	21,865,315		21,775,280		21,857,743		21,826,566

Denominator for diluted earnings per share:
Effect of stock options and restricted stock units	138,071		458,746		143,860		478,309
Adjusted weighted average shares and assumed conversions	22,003,386		22,234,026		22,001,603		22,304,875

Basic earnings per share	$	0.40	$	0.66	$	0.43	$	0.80

Diluted earnings per share	$	0.40	$	0.65	$	0.43	$	0.78

Shares excluded from diluted earnings per share due to:
Inclusion would have been anti-dilutive (excluded from calculation)	641,964		87,164		628,134		84,046

When applicable, diluted shares outstanding includes the dilutive impact of restricted stock units. Diluted shares also include the impact of eligible employee stock options, which are calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the tax-effected proceeds that hypothetically would be received from the exercise of all in-the-money options are assumed to be used to repurchase shares.