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Earnings Per Share Reconciliation
9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
Earnings Per Share Reconciliation
7.
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 and nine months ended September 30, 2019, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 240,000 and 184,000, respectively. For the three and nine months ended September 30, 2018, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share were 56,000 and 50,000, 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
 
S
eptember
 30,
 
 
  For the 
Nine
 Months  
Ended
 
September
 30,
 
 
   
 
 
 
 
 
2019
 
 
 
 
 
 
 
 
 
 
 
   
 
 
 
 
 
2018
 
 
 
 
 
 
 
 
 
 
 
   
 
  
 
2019
 
 
 
 
 
 
 
 
 
 
 
   
 
  
 
2018
 
 
 
 
 
 
 
 
 
 
 
(In thousands, except per share amounts)
Earnings per common share:
   
     
     
     
 
Net earnings
    $
 
 
 
50,423
      $
 
 
38,558
      $
 
 
 
 
 
 
 
 
156,546
      $
 
 
 
 
 
 
 
 
108,844
 
Less: Net earnings allocated to restricted stock
   
116
     
96
     
390
     
298
 
                                 
Net earnings allocated to common shareholders
    $
50,307
      $
38,462
      $
156,156
      $
108,546
 
                                 
Weighted average shares outstanding
   
139,824
     
126,574
     
139,730
     
115,533
 
Basic earnings per common share
    $
0.36
      $
0.30
      $
1.12
      $
0.94
 
                                 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings per common share:
   
     
     
     
 
Net income allocated to common shareholders
   
50,307
     
38,462
     
156,156
     
108,546
 
                                 
Weighted average shares outstanding
   
139,824
     
126,574
     
139,730
     
115,533
 
Incremental shares from assumed exercise of outstanding options
   
151
     
363
     
217
     
397
 
                                 
Diluted weighted average shares outstanding
   
139,975
     
126,937
     
139,947
     
115,930
 
Diluted earnings per common share
    $
0.36
      $
0.30
      $
1.12
      $
0.94