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Earnings per Share (EPS)

3 Months Ended

Mar. 31, 2020

Earnings per Share (EPS)Basic EPS is based on the weighted average number of shares of common stock outstanding. Diluted EPS 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 EPS of common stock.


	For the three months ended March 31,
	2020		2019
	(In Thousands, except for per share data)
Net income	$	58,271	$	32,899
Basic weighted average shares outstanding	68,563		66,692
Basic earnings per share	$	0.85	$	0.49

Net income	$	58,271	$	32,899
Gain from change in fair value of warrant liability	(5,959)		—
Diluted net income	$	52,312	$	32,899

Basic weighted average shares outstanding	68,563		66,692
Dilutive effect of issuable shares	1,838		2,304
Diluted weighted average shares outstanding	70,401		68,996

Diluted earnings per share	$	0.74	$	0.48

Anti-dilutive shares	15		754