Earnings Per Share

9 Months Ended

Sep. 30, 2020

EARNINGS PER SHARE

Basic earnings per common share data is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Common shares outstanding include common stock and restricted stock awards where recipients have satisfied the vesting terms. Diluted earnings per common share gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method.

The following table presents a summary of per common share data and amounts for the periods indicated.


	Three months ended September 30,						Nine months ended September 30,
(in thousands, except per share data)	2020		2019		2020		2019
Net income as reported	$	17,951	$	29,069	$	45,453	$	63,649








Weighted average common shares outstanding	26,217		26,778		26,290		25,878

Additional dilutive common stock equivalents	11		90		21		98
Weighted average diluted common shares outstanding	26,228		26,868		26,311		25,976

Basic earnings per common share:	$	0.68	$	1.09	$	1.73	$	2.46
Diluted earnings per common share:	0.68		1.08		$	1.73	$	2.45

For the three and nine months ended September 30, 2020 common stock equivalents of approximately 132,000 and 139,000, respectively, were excluded from the earnings per share calculations because their effect would have been anti-dilutive. Comparatively, there were 21,000 and 26,000 common stock equivalents excluded in the prior year periods, respectively.