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Earnings Per Share

12 Months Ended

Dec. 31, 2019

Note 7. Earnings Per Share

Basic earnings per share is computed by dividing net income by the daily weighted average number of shares of our common stock outstanding for the period, excluding unvested restricted stock. Unvested restricted stock is included in common shares outstanding on our Balance Sheets.

Diluted earnings per share is computed using the treasury stock method. The denominator used in calculating diluted earnings per share includes the impact of unvested restricted stock and other dilutive, non-participating securities under our equity award agreements. The denominator excludes contingently-issuable shares under performance-based award agreements when the performance target has not yet been deemed achieved.

The following table provides a reconciliation of the number of shares of common stock used in computing basic and diluted earnings per share:

	Year Ended December 31,
(In thousands)	2019		2018		2017
Weighted average shares outstanding - basic		80,276,145		81,923,564		82,308,417
Dilutive effect of share-based awards		130,254		96,217		98,651
Weighted average shares outstanding - diluted		80,406,399		82,019,781		82,407,068