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Earnings Per Share

9 Months Ended

Sep. 30, 2019

3. EARNINGS PER SHARE

Basic earnings per share (“EPS”) computations are calculated utilizing the weighted average number of shares of the Company’s common stock outstanding during the periods presented. Diluted EPS is calculated utilizing the weighted average number of shares of the Company’s common stock outstanding adjusted for the effect of dilutive common stock equivalents.

The following table sets forth the computation 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

Numerator:
Net income	$	15,902	$	13,781	$	58,035	$	40,136

Denominator:
Weighted average shares of common stock outstanding		11,731		11,954		11,823		12,006
Effect of dilutive common stock equivalents		334		143		351		106
Weighted average shares of common stock outstanding		12,065		12,097		12,174		12,112

Earnings per share - basic	$	1.36	$	1.15	$	4.91	$	3.34

Earnings per share - diluted	$	1.32	$	1.14	$	4.77	$	3.31

The calculation of diluted EPS excluded 1,100 and 0 antidilutive options outstanding for the three months ended September 30, 2019 and 2018, respectively, and 876 and 214 antidilutive options outstanding for the nine months ended September 30, 2019 and 2018, respectively. The calculation of diluted EPS also excluded 1,374 and 43 antidilutive restricted stock awards for the three months ended September 30, 2019 and 2018, respectively, and 709 and 297 antidilutive restricted stock awards for the nine months ended September 30, 2019 and 2018, respectively. EPS is computed independently for each of the periods presented above, and accordingly, the sum of the quarterly earnings per common share may not equal the year-to-date total computed.