Earnings Per Share

3 Months Ended

Mar. 31, 2021

Basic earnings per share represent income available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflect additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustments to income that would result from assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and restricted stock units (RSUs), and are determined using the treasury stock method. Earnings per share have been computed based on the following:


	Three months ended March 31,
(in thousands)	2021		2020
Net income	$	33,649	$	16,121
Average number of common shares outstanding	29,727		30,395
Effect of dilutive stock options and restricted stock	178		128
Average number of common shares outstanding used to calculate diluted earnings per share	29,905		30,523
Options excluded from diluted earnings per share because of their antidilutive effect	—		—