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EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2019

NOTE L – EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31:




	2019		2018		2017
	(in thousands, except share and per share data)
Basic
Numerator:
Net income	$	39,985	$	67,262	$	59,726
Effect of unvested restricted stock awards		(22)		(150)		(238)
Adjusted net income	$	39,963	$	67,112	$	59,488
Denominator:
Weighted-average shares		25,535,529		25,679,736		25,683,745
Earnings per common share	$	1.56	$	2.61	$	2.32

Diluted
Numerator:
Net income	$	39,985	$	67,262	$	59,726
Effect of unvested restricted stock awards		(21)		(145)		(233)
Adjusted net income	$	39,964	$	67,117	$	59,493
Denominator:
Weighted-average shares		25,535,529		25,679,736		25,683,745
Effect of dilutive securities		914,526		1,019,095		740,644
Adjusted weighted-average shares and assumed conversions		26,450,055		26,698,831		26,424,389
Earnings per common share	$	1.51	$	2.51	$	2.25

Under the two-class method of calculating earnings per share, dividends paid and a portion of undistributed net income, but not losses, are allocated to unvested RSUs that receive dividends, which are considered participating securities. Beginning with 2015 grants, the RSU agreements were modified to remove dividend rights and, therefore, the RSUs granted in 2019, 2018, and 2017 are not participating securities. For the year ended December 31, 2019, 2018, and 2017 outstanding stock awards of 0.2 million, 0.1 million, and 0.1 million, respectively, were not included in the diluted earnings per share calculations because their inclusion would have the effect of increasing the earnings per share.