Earnings Per Share

6 Months Ended

Jun. 30, 2020

8.	Earnings Per Share

Basic earnings per share (“EPS”) excludes dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if the securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity (such as the Company’s dilutive stock options and restricted stock units).

The following is a reconciliation of basic and diluted EPS for the periods presented in the unaudited interim consolidated statements of income:

	Three Months Ended June 30,
(In thousands, except per share data)	2020		2019
Basic EPS:
Weighted average common shares outstanding		43,637		43,809
Net income available to common stockholders	$	24,713	$	30,555
Basic EPS	$	0.57	$	0.70

Diluted EPS:
Weighted average common shares outstanding		43,637		43,809
Dilutive effect of common stock options and restricted stock		291		311
Weighted average common shares and common share equivalents		43,928		44,120
Net income available to common stockholders	$	24,713	$	30,555
Diluted EPS	$	0.56	$	0.69

	Six Months Ended June 30,
(In thousands, except per share data)	2020		2019
Basic EPS:
Weighted average common shares outstanding		43,735		43,797
Net income available to common stockholders	$	35,081	$	59,682
Basic EPS	$	0.80	$	1.36

Diluted EPS:
Weighted average common shares outstanding		43,735		43,797
Dilutive effect of common stock options and restricted stock		291		300
Weighted average common shares and common share equivalents		44,026		44,097
Net income available to common stockholders	$	35,081	$	59,682
Diluted EPS	$	0.80	$	1.35

There were 3,250 stock options for the three and six months ended June 30, 2020, that were not considered in the calculation of diluted EPS since the stock options’ exercise price was greater than the average market price during these periods.

There were 1,500 stock options for the three and six months ended June 30, 2019, that were not considered in the calculation of diluted EPS since the stock options’ exercise price was greater than the average market price during these periods.