Earnings Per Share

12 Months Ended

Dec. 31, 2019

13.	Earnings Per Share

The Company computes earnings per share (“EPS”) in accordance with FASB Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share. The Company has no participating unvested common shares which contain nonforfeitable rights to dividends and applies the treasury stock method in computing basic and diluted earnings per share.

Basic EPS is calculated by dividing net income by the weighted-average number of common shares outstanding during the period.

The diluted EPS calculation includes potential common shares assumed issued under the treasury stock method, which reflects the potential dilution that would occur if any outstanding options were exercised or restricted stock becomes vested.

The calculation of basic and diluted EPS for the years ended December 31, 2019, 2018 and 2017 are presented below.

	For the Year Ended December 31,
	2019		2018		2017
	(in thousands, except earnings per share amounts)
Basic EPS:
Net income – basic	$	92,690	$	71,632	$	46,231
Basic weighted-average common shares		19,249		19,209		19,165
Basic earnings per share	$	4.82	$	3.73	$	2.41
Diluted EPS:
Net income - diluted	$	92,690	$	71,632	$	46,231
Diluted weighted average common shares:
Weighted average common shares		19,249		19,209		19,165
Stock options and restricted stock		80		84		81
Diluted weighted average common shares		19,329		19,293		19,246
Diluted earnings per common share	$	4.80	$	3.71	$	2.40

The table below sets forth the reconciliation of the weighted average shares used for the basic and diluted EPS calculation.

	Years Ended
	2019		2018		2017
Basic weighted average common shares		19,248,657		19,208,978		19,165,489
Add: Other common shares eligible for common dividends:
Stock options and restricted stock		80,581		84,104		80,377
Diluted weighted average common shares		19,329,238		19,293,082		19,245,866