Stockholders' Equity

9 Months Ended

Sep. 30, 2019

12.	STOCKHOLDERS’ EQUITY

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share data):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Numerator:
Net income available to common shareholders	$	41,976	$	29,471	$	109,241	$	109,401

Denominator:
Basic weighted average shares outstanding		58,401,183		58,741,973		58,476,430		58,785,546
Effect of dilutive securities:
Stock appreciation rights and options		115,175		177,412		133,030		181,680
Restricted stock		89,368		164,732		97,500		144,077

Diluted weighted average shares outstanding		58,605,726		59,084,117		58,706,960		59,111,303


	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Basic earnings per share	$	0.72	$	0.50	$	1.87	$	1.86

Diluted earnings per share	$	0.72	$	0.50	$	1.86	$	1.85

Diluted earnings per share is computed using the weighted average number of shares determined for the basic earnings per share computation plus the dilutive effect of common stock equivalents using the treasury stock method. The computation of diluted earnings per share excludes the following potentially dilutive securities because the effect would be anti-dilutive:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Stock appreciation rights		23,422		—		20,257		10,709
Performance-based restricted stock units		—		—		—		285

Stock Repurchase Program

On February 16, 2018, the Board of Directors adopted a stock repurchase program of up to 5.8 million shares of the Company’s outstanding common stock (Stock Repurchase Program). As of September 30, 2019, the Company had repurchased 834,441 shares of the Company’s outstanding common stock under the Stock Repurchase Program.