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Earnings per share | 6 Months Ended
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Jun. 30, 2020
Earnings Per Share [Abstract] |
Earnings per share | Earnings per share Basic Earnings Per Share (“EPS”) is calculated by dividing net income by the weighted average of our ordinary shares outstanding, which excludes 2,087,383 and 2,250,655 shares of unvested restricted stock as of June 30, 2020 and 2019, respectively. For the calculation of diluted EPS, the weighted average of our ordinary shares outstanding for basic EPS is adjusted by the effect of dilutive securities provided under our equity compensation plans. The number of shares excluded from diluted shares outstanding was 1,160,197 and 247,802 for the three and six months ended June 30, 2020, and nil and 84,916 for the three and six months ended June 30, 2019, respectively, because the effect of including these shares in the calculation would have been anti-dilutive. Basic and diluted EPS for the three and six months ended June 30, 2020 and 2019 were as follows:
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Net income for the computation of basic EPS | $ | 246,061 |  |  | $ | 331,460 |  |  | $ | 522,885 |  |  | $ | 565,646 |
Weighted average ordinary shares outstanding - basic | 127,425,886 |  |  | 135,917,192 |  |  | 127,862,816 |  |  | 137,029,147 |
Basic EPS | $ | 1.93 |  |  | $ | 2.44 |  |  | $ | 4.09 |  |  | $ | 4.13 |
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
Net income for the computation of diluted EPS | $ | 246,061 |  |  | $ | 331,460 |  |  | $ | 522,885 |  |  | $ | 565,646 |
Weighted average ordinary shares outstanding - diluted | 128,131,663 |  |  | 137,072,268 |  |  | 128,938,138 |  |  | 138,396,628 |
Diluted EPS | $ | 1.92 |  |  | $ | 2.42 |  |  | $ | 4.06 |  |  | $ | 4.09 |
Ordinary shares outstanding, excluding shares of unvested restricted stock, as of June 30, 2020 and December 31, 2019 were as follows:
| June 30, 2020 |  | December 31, 2019
| Number of ordinary shares |  |
Ordinary shares issued | 138,847,345 |  |  | 141,847,345 |
Treasury shares | (9,174,562) |  |  | (10,263,856) |
Ordinary shares outstanding | 129,672,783 |  |  | 131,583,489 |
Shares of unvested restricted stock | (2,087,383) |  |  | (2,354,318) |
Ordinary shares outstanding, excluding shares of unvested restricted stock | 127,585,400 |  |  | 129,229,171 |

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257 + Details
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