Earnings Per Share

9 Months Ended

Sep. 30, 2019

The following table sets forth the computation of earnings per common share and earnings per common share - assuming dilution:



	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
	(Dollars in thousands, except per share data)
Numerator:
Net income - numerator for earnings per common share	$	37,360	$	169,328	$	25,940	$	404,193

Denominator:
Weighted average common shares outstanding	91,251,590		90,485,567		91,080,681		90,278,209
Effect of dilutive securities:
Stock options and deferred compensation agreements	190,137		705,465		326,306		750,588
Restricted stock and restricted stock units	268,830		459,854		340,875		326,613
Denominator for earnings per common share - assuming dilution	91,710,557		91,650,886		91,747,862		91,355,410

Earnings per common share	$	0.41	$	1.87	$	0.28	$	4.48
Earnings per common share - assuming dilution	$	0.41	$	1.85	$	0.28	$	4.42

During the three months ended September 30, 2019, there were 551,585 options to purchase shares of our common stock outstanding, with an exercise price of $24.79, excluded from the computation of diluted earnings per share. There were no options to purchase shares of our common stock outstanding excluded from the computation of diluted earnings per share during the nine months ended September 30, 2019 or during the three and nine months ended September 30, 2018, as the exercise price of all options outstanding was less than the average market price of our common shares for those periods.