Earnings Per Common Share

12 Months Ended

Dec. 31, 2019

The Company applies the two-class method of computing basic and diluted EPS. Under the two-class method, EPS is determined for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. The Company issues restricted shares under share-based compensation plans and preferred shares which qualify as participating securities.

The following table sets forth the computation of basic and diluted EPS for the periods indicated:



	Years Ended December 31,
	2019		2018		2017
	(in thousands except per share amounts)
Basic EPS:
Net income	$	194,451	$	172,882	$	112,828
Less: Earnings allocated to participating securities
Preferred shares	—		—		3
Nonvested restricted shares	1,530		1,892		1,501
Earnings allocated to common shareholders	$	192,921	$	170,990	$	111,324
Weighted average common shares outstanding	71,999		72,385		59,882
Basic earnings per common share	$	2.68	$	2.36	$	1.86
Diluted EPS:
Earnings allocated to common shareholders	$	192,921	$	170,990	$	111,324
Weighted average common shares outstanding	71,999		72,385		59,882
Dilutive effect of equity awards and warrants	33		5		6
Weighted average diluted common shares outstanding	72,032		72,390		59,888
Diluted earnings per common share	$	2.68	$	2.36	$	1.86
Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive	8		4		13