Earnings Per Share

12 Months Ended

Dec. 31, 2019

Basic earnings per common share is computed by dividing net income, less preferred stock dividends and accretion of preferred stock issuance costs, by the weighted average number of common shares outstanding for the period. Treasury stock is excluded from the weighted average number of shares of common stock outstanding. Diluted earnings per share attributable to common stockholders is computed based on the weighted average number of shares of common stock and dilutive securities outstanding during the period. Dilutive

securities are common stock equivalents that are freely exercisable into common stock at less than market prices or otherwise dilute earnings if converted. The net effect of common stock equivalents is based on the incremental common stock that would be issued upon the vesting of restricted stock using the treasury stock method. Common stock equivalents are not included in diluted earnings per share when their inclusion is anti-dilutive. Additionally, redeemable preferred stock is not convertible and does not affect dilutive shares.

There were no anti-dilutive shares included in the computations of diluted weighted average earnings per common share for the year ended December 31, 2019. The computations of diluted weighted average earnings per common share do not include approximately 400 restricted shares for the year ended December 31, 2018 as the effect of their inclusion would have been anti-dilutive to earnings per share.

The following table presents the calculation of basic and diluted EPS:



	Year Ended December 31,
	2019		2018
	(in thousands)
Net income attributable to common shareholders	$	63,588	$	39,898

Basic weighted average common shares outstanding	5,836		5,915
Potentially dilutive common shares	222		131
Diluted weighted average common shares outstanding	6,058		6,046

Basic weighted average earnings per common share	$	10.90	$	6.75
Diluted weighted average earnings per common share	$	10.50	$	6.60