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Net Income Per Common Share | 9 Months Ended
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Sep. 30, 2020
Net Income Per Common Share |
Net Income Per Common Share | Note 5 — Net Income Per Common Share ​ Basic net income per common share (“Basic EPS”) excludes dilution and is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted net income per common share (“Diluted EPS”) reflects the potential dilution that could occur if stock options or other contracts to issue common stock were exercised or converted into common stock. The computation of Diluted EPS does not assume exercise or conversion of securities that would have an anti-dilutive effect on net income per common share. During the nine months ended September 30, 2020, 200,000 performance shares (at target performance) were excluded from the computation of Diluted EPS since the Company had not achieved the minimum target thresholds as of September 30, 2020. During the nine months ended September 30, 2019, 150,000 performance shares (at target performance) were excluded from the computation of Diluted EPS since the Company had not achieved the minimum target thresholds as of September 30, 2019. ​ The calculation of the weighted average number of shares of common stock outstanding for Basic EPS and Diluted EPS for the periods indicated (in thousands, except per share data) is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​
​ | ​ | September 30, | ​ | September 30, | ​ | ​
​ |  | 2020 |  | 2019 | ​ | 2020 |  | 2019 |  |
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net Income | ​ | $ | 33,662 | ​ | $ | 91,339 | ​ | $ | 37,935 | ​ | $ | 267,572 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average number of common shares outstanding | ​ |  | 50,181 | ​ |  | 50,746 | ​ |  | 50,199 | ​ |  | 51,111 | ​ | ​
Effect of outstanding share-based awards | ​ |  | 441 | ​ |  | 383 | ​ |  | 246 | ​ |  | 457 | ​ | ​
Weighted average number of shares for diluted net income per common share | ​ |  | 50,622 | ​ |  | 51,129 | ​ |  | 50,445 | ​ |  | 51,568 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic earnings per share | ​ | $ | 0.67 | ​ | $ | 1.80 | ​ | $ | 0.76 | ​ | $ | 5.24 | ​ | ​
Diluted earnings per share | ​ | $ | 0.66 | ​ | $ | 1.79 | ​ | $ | 0.75 | ​ | $ | 5.19 | ​ | ​
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