Earnings per Share (EPS)

6 Months Ended

Jun. 30, 2019

Basic earnings per share is based on the weighted average number of shares of common stock outstanding. Diluted earnings per share is based on the weighted average number of shares of common stock outstanding and common stock equivalents that would be issuable upon the vesting of service based and performance and service based restricted stock units (RSUs), and the exercise of vested and unvested stock options and outstanding warrants. The number of shares issuable for RSUs subject to performance and service based vesting requirements are only included in diluted shares if the relevant performance measurement period has commenced and results during such period meet the necessary performance criteria. The following table reconciles the net income and the weighted average shares of common stock outstanding used in the computations of basic and diluted earnings per share of common stock.



	For the three months ended June 30,					For the six months ended June 30,
	2019		2018			2019		2018
	(In Thousands, except for per share data)
Net income	$	39,100	$	25,241		$	71,999	$	47,596
Basic weighted average shares outstanding	67,590		65,664			67,143		63,891
Basic earnings per share	$	0.58	$	0.38		$	1.07	$	0.74

Net income	$	39,100	$	25,241		$	71,999	$	47,596
Warrant gain, net of tax	—		(86		)	—		(418		)
Diluted net income	$	39,100	$	25,155		$	71,999	$	47,178

Basic weighted average shares outstanding	67,590		65,664			67,143		63,891
Dilutive effect of issuable shares	2,000		2,952			2,205		3,280
Diluted weighted average shares outstanding	69,590		68,616			69,348		67,171

Diluted earnings per share	$	0.56	$	0.37		$	1.04	$	0.70

Anti-dilutive shares	705		308			748		231