Earnings Per Share

9 Months Ended

Sep. 30, 2019

Basic earnings per common share is computed by dividing net income, less preferred stock dividends and accretion of preferred stock issuance costs, by the weighted average number of common shares outstanding for the period. Treasury stock is excluded from the weighted average number of shares of common stock outstanding. Diluted earnings per share attributable to common stockholders is computed based on the weighted average number of shares of common stock and dilutive securities outstanding during the period. Dilutive securities are common stock equivalents that are freely exercisable into common stock at less than market prices or otherwise dilute earnings if converted. The net effect of common stock equivalents is based on the incremental common stock that would be issued upon the vesting of restricted stock using the treasury stock method. Common stock equivalents are not included in diluted earnings per share when their inclusion is antidilutive. Additionally, redeemable preferred stock is not convertible and does not affect dilutive shares.

There were no anti-dilutive shares during the three and nine months ended September 30, 2019. There were no anti-dilutive shares during the three months ended September 30, 2018 and 0.2 million anti-dilutive shares excluded from the computation of diluted weighted average earnings per common share for the nine months ended September 30, 2018.

The following table presents the calculation of basic and diluted EPS (in thousands, except per share data):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Net income attributable to common shareholders	$	23,232	$	8,834	$	59,432	$	22,624

Basic weighted average common shares outstanding	5,847		5,900		5,831		5,960
Potentially dilutive common shares	247		104		214		123
Diluted weighted average common shares outstanding	6,094		6,004		6,045		6,083

Basic weighted average earnings per common share	$	3.97	$	1.50	$	10.19	$	3.80
Diluted weighted average earnings per common share	$	3.81	$	1.47	$	9.83	$	3.72