Earnings Per Share

3 Months Ended

Mar. 31, 2019

Basic earnings per share (“EPS”) is computed based on the weighted average number of common shares outstanding for the period, excluding any dilutive common share equivalents. Diluted EPS reflects the potential dilution resulting from the exercises of stock options, vesting of restricted stock, vesting of performance share units and conversion of preferred stock.

The following table reconciles the numerator (i.e., income) and denominator (i.e., shares) of the basic and diluted EPS computations for the periods presented (in thousands, except per share data):



	Three Months Ended March 31,
	2019			2018
Numerator for EPS:
Net income	$	40,148		$	40,055
Less: Preferred stock dividends	(3		)	(3		)
Income available to common stockholders	$	40,145		$	40,052
Denominator for EPS:
Weighted average common shares outstanding	34,741			34,839
Plus: Assumed conversion of share-based compensation (1)	440			796
Assumed conversion of preferred stock	25			25
Weighted average diluted common shares outstanding	35,206			35,660
Basic earnings per common share	$	1.16		$	1.15
Diluted earnings per common share	$	1.14		$	1.12


(1)	Represents the dilutive effect of unvested restricted stock, unvested performance share units

and unexercised stock options.