Earnings Per Share

9 Months Ended

Sep. 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, vesting of restricted stock 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 September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018
Numerator for EPS:
Net income	$	20,146		$	37,380		$	97,587		$	123,519
Less: Preferred stock dividends	(3		)	(3		)	(8		)	(8		)
Income available to common stockholders	$	20,143		$	37,377		$	97,579		$	123,511
Denominator for EPS:
Weighted average common shares outstanding	33,649			34,861			34,230			34,870
Plus: Assumed conversion of share-based compensation (1)	256			1,033			310			859
Assumed conversion of preferred stock	25			25			25			25
Weighted average diluted common shares outstanding	33,930			35,919			34,565			35,754
Basic earnings per common share	$	0.60		$	1.07		$	2.85		$	3.54
Diluted earnings per common share	$	0.59		$	1.04		$	2.82		$	3.45



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