Net Income per Share of Common Stock

9 Months Ended

Sep. 30, 2016

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



	Three months ended September 30,				Nine months ended September 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	$	2,909	$	16,719	$	12,322	$	34,225

Denominator for basic earnings per share:
Weighted average shares outstanding	21,894,017		21,796,172		21,869,922		21,816,323

Denominator for diluted earnings per share:
Effect of stock options and restricted stock units	177,176		402,536		156,304		452,161
Adjusted weighted average shares and assumed conversions	22,071,193		22,198,708		22,026,226		22,268,484

Basic earnings per share	$	0.13	$	0.77	$	0.56	$	1.57

Diluted earnings per share	$	0.13	$	0.75	$	0.56	$	1.54

Shares excluded from diluted earnings per share due to:
Inclusion would have been anti-dilutive (excluded from calculation)	605,032		127,258		619,058		97,951

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.