Earnings Per Share Reconciliation

12 Months Ended

Dec. 31, 2018

17.

EARNINGS PER SHARE RECONCILIATION

Basic earnings per common share are computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding during each period. The computation of diluted earnings per common share considers the number of shares issuable upon the assumed exercise of outstanding common stock options. Antidilutive common shares are not included in the calculation of diluted earnings per common share. For the years ended December 31, 2018, 2017 and 2016, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share were 160,000, 9,000 and 291,000, respectively.

The table below shows earnings per common share and diluted earnings per common share, and reconciles the numerator and denominator of both earnings per common share calculations.


	For the Year Ended December 31,
	2018		2017		2016
	(In thousands, except per share amounts)
Earnings per common share:
Net earnings	$	152,003	$	104,411	$	101,429
Less: Net earnings allocated to restricted stock		429		382		421
Net earnings allocated to common shareholders	$	151,574	$	104,029	$	101,008
Weighted average shares outstanding		121,670		109,409		107,282
Basic earnings per common share	$	1.25	$	0.95	$	0.94
Diluted earnings per common share:
Net income allocated to common shareholders	$	151,574	$	104,029	$	101,008
Weighted average shares outstanding		121,670		109,409		107,282
Incremental shares from assumed exercise of outstanding options		287		398		405
Diluted weighted average shares outstanding		121,957		109,807		107,687
Diluted earnings per common share	$	1.24	$	0.95	$	0.94