Earnings Per Share Reconciliation

3 Months Ended

Mar. 31, 2019

8.	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 three months ended March 31, 2019 and 2018, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 396,000 and 16,000, 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 Three Months Ended March 31,
	2019		2018
	(In thousands, except per share amounts)
Earnings per common share:
Net earnings	$	51,642	$	34,913
Less: Net earnings allocated to restricted stock		141		108
Net earnings allocated to common shareholders	$	51,501	$	34,805
Weighted average shares outstanding		139,615		109,859
Basic earnings per common share	$	0.37	$	0.32

Diluted earnings per common share:
Net income allocated to common shareholders		51,501		34,805
Weighted average shares outstanding		139,615		109,859
Incremental shares from assumed exercise of outstanding options		216		364
Diluted weighted average shares outstanding		139,831		110,223
Diluted earnings per common share	$	0.37	$	0.32