Earnings Per Share

9 Months Ended

Sep. 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 September 30,
(In thousands, except per share data)	2020		2019
Basic EPS:
Weighted average common shares outstanding		43,643		43,825
Net income available to common stockholders	$	35,113	$	32,379
Basic EPS	$	0.80	$	0.74

Diluted EPS:
Weighted average common shares outstanding		43,643		43,825
Dilutive effect of common stock options and restricted stock		299		313
Weighted average common shares and common share equivalents		43,942		44,138
Net income available to common stockholders	$	35,113	$	32,379
Diluted EPS	$	0.80	$	0.73

	Nine Months Ended September 30,
(In thousands, except per share data)	2020		2019
Basic EPS:
Weighted average common shares outstanding		43,704		43,806
Net income available to common stockholders	$	70,194	$	92,061
Basic EPS	$	1.61	$	2.10

Diluted EPS:
Weighted average common shares outstanding		43,704		43,806
Dilutive effect of common stock options and restricted stock		293		302
Weighted average common shares and common share equivalents		43,997		44,108
Net income available to common stockholders	$	70,194	$	92,061
Diluted EPS	$	1.60	$	2.09

There were 3,250 stock options for the three and nine months ended September 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 nine months ended September 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.