Earnings Per Share

12 Months Ended

Dec. 31, 2020

Earnings per share (“EPS”) of Class A and Class B Common Stock amounts are computed using the two‑class method required for participating securities. The Company issues certain restricted stock awards determined to be participating securities because holders of such shares have non‑forfeitable dividend rights in the event of the Company’s declaration of a dividend for common shares. As of December 31, 2020, 2019, and 2018, there were 149,754, 321,126, and 198,242 participating securities outstanding, respectively.

Undistributed earnings allocated to participating securities are subtracted from net income in determining net income attributable to common stockholders. Basic EPS is computed by dividing net income attributable to common stockholders by the weighted average number of shares of Class A and Class B Common Stock outstanding, inclusive of undistributed shares of the Company’s Class B Common Stock held in the DCP as phantom shares.

For the calculation of diluted EPS, net income attributable to common stockholders for basic EPS is adjusted by the effect of dilutive securities, including awards under the Company’s equity compensation plans. Diluted EPS attributable to common stockholders is computed by dividing net income attributable to common stockholders by the weighted average number of fully diluted common shares outstanding.

Except with respect to voting and conversion, the rights of the holders of the Company’s Class A Common Stock and the Company’s Class B Common Stock are identical. Each class of shares has the same rights to dividends and allocation of income (loss) and, therefore, earnings per share would not differ under the two‑class method. The details of basic and diluted EPS are as follows (in thousands, except per share amounts):


	Year Ended December 31,
	2020		2019		2018
Numerator:
Net income	$	126,521	$	103,096	$	142,112
Less: Net income attributable to participating securities	(234)		(8)		(4)
Net income attributable to Class A and Class B common stockholders	$	126,287	$	103,088	$	142,108
Denominator:
Denominator for basic net income per share—weighted average shares	289,863,272		284,625,642		285,805,096
Effect of dilutive securities	9,507,857		9,171,065		6,819,400
Denominator for dilutive net income per share—weighted average shares	299,371,129		293,796,707		292,624,496
Net income per share, basic	$	0.44	$	0.36	$	0.50
Net income per share, diluted	$	0.42	$	0.35	$	0.49

No shares were excluded from the computation of diluted net income per share attributable to common stockholders for the years ended December 31, 2020, 2019, and 2018.