Earnings Per Share Reconciliation

9 Months Ended

Sep. 30, 2020

6.	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, 2020, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 517,000 and 361,000, respectively. 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.

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.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(In thousands, except per share amounts)
Earnings per common share:
Net earnings	$	47,492	$	50,423	$	127,103	$	156,546
Less: Net earnings allocated to restricted stock		175		116		407		390

Net earnings allocated to common shareholders	$	47,317	$	50,307	$	126,696	$	156,156

Weighted average shares outstanding		135,017		139,824		136,369		139,730
Basic earnings per common share	$	0.35	$	0.36	$	0.93	$	1.12


Diluted earnings per common share:
Net income allocated to common shareholders	$	47,317	$	50,307	$	126,696	$	156,156

Weighted average shares outstanding		135,017		139,824		136,369		139,730
Incremental shares from assumed exercise of outstanding options		167		151		167		217

Diluted weighted average shares outstanding		135,184		139,975		136,536		139,947
Diluted earnings per common share	$	0.35	$	0.36	$	0.93	$	1.12