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Net Income per Share of Common Stock
 12 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
Net Income per Share of Common Stock
Net Income per Share of Common Stock
The following table sets forth the computation of basic and diluted earnings per share:
Year ended December 31,
(dollars in thousands, except earnings per share)
 
2016
 
2015
 
2014
Numerator for earnings per share:
 
 
 
 
 
 
Net income that is available to common shareholders
 
$
10,073

 
$
66,333

 
$
4,963

 
 
 

 
 

 
 
Denominator for basic earnings per share:
 
 
 
 
 
 
Weighted average shares outstanding
 
21,879,613

 
21,816,935

 
21,716,288

 
 
 
 
 
 
 
Denominator for diluted earnings per share:
 
 
 
 
 
 
Effect of stock options and restricted stock units
 
169,330

 
342,214

 
467,249

Adjusted weighted average shares and assumed conversions
 
22,048,943

 
22,159,149

 
22,183,537

 
 
 
 
 
 
 
Basic earnings per share
 
$
0.46

 
$
3.04

 
$
0.23

 
 
 
 
 
 
 
Diluted earnings per share
 
$
0.46

 
$
2.99

 
$
0.22

 
 
 
 
 
 
 
Shares excluded from diluted earnings per share due to:
 
 
 
 
 
 
Inclusion would have been anti-dilutive (excluded from calculation)
 
602,402

 
105,201

 
168,557



When applicable, diluted shares outstanding include 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.