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Earnings Per Share

3 Months Ended

Mar. 31, 2020

Basic net income per share is calculated by dividing net income by the weighted average number of shares of common stock outstanding during the period. Diluted net income per share assumes the conversion of all potentially dilutive securities and is calculated by dividing net income by the sum of the weighted average number of shares of common stock outstanding plus all potentially dilutive securities. Dilutive common shares consist primarily of stock options and restricted stock awards.

The following table sets forth the computation of basic and diluted earnings per share:


	Three months ended
	March 31, 2020		March 31, 2019
Numerator:	(in thousands, except share and per share data)
Net income	$	21,853	$	8,757
Denominator:
Basic weighted average shares	52,071,839		51,992,150
Effect of dilutive stock options and restricted stock	799,580		377,510
Diluted weighted average shares	52,871,419		52,369,660
Earnings per share:
Basic	$	0.42	$	0.17
Diluted	$	0.41	$	0.17
Anti-dilutive shares:
Shares	253,437		1,927,727