Earnings Per Share

6 Months Ended

Jun. 30, 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 June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Numerator for EPS:
Net income	$	37,293		$	46,084		$	77,441		$	86,139
Less: Preferred stock dividends	(2		)	(2		)	(5		)	(5		)
Income available to common stockholders	$	37,291		$	46,082		$	77,436		$	86,134
Denominator for EPS:
Weighted average common shares outstanding	34,311			34,909			34,525			34,874
Plus: Assumed conversion of share-based compensation (1)	276			655			353			737
Assumed conversion of preferred stock	25			25			25			25
Weighted average diluted common shares outstanding	34,612			35,589			34,903			35,636
Basic earnings per common share	$	1.09		$	1.32		$	2.24		$	2.47
Diluted earnings per common share	$	1.08		$	1.29		$	2.22		$	2.42



(1)		Represents the dilutive effect of unvested restricted stock, unvested performance share units and unexercised stock options.