Earnings Per Share

3 Months Ended

Mar. 31, 2021

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, 2021		March 31, 2020
Numerator:		(in thousands, except share and per share data)
Net income		$	16,376	$	21,853
Denominator:
Basic weighted average shares		52,293,464		52,071,839
Effect of dilutive stock options and restricted stock		1,521,180		799,580
Diluted weighted average shares		53,814,644		52,871,419
Earnings per share:
Basic		$	0.31	$	0.42
Diluted		$	0.30	$	0.41
Anti-dilutive shares:
Shares		100,625		253,437