Dog and Newborn sleeping arrangements

Our 50 lb lab sleeps in our room at night (on the floor). Our plan was to have the baby sleep in our room in the beginning weeks to make it easier for feeding times. Our dog is super sweet and harmless but is only a little over a year and gets very hyper/playful at times - usually not during the night though. Is it wise to have the baby and dog sleeping in the same room? Thoughts?!