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Earnings Per Share
6 Months Ended
Jun. 30, 2019
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
 
In February 2019, the Company’s Compensation Committee of Board of Directors reviewed the various forms of outstanding equity awards, including restricted stock and restrict stock units, and approved that unvested restricted stock awards will be considered participating securities. As a result of the different treatment of unvested restricted stock and unvested RSUs, beginning in 2019, earnings per common share is computed using the two-class method.

Under the two-class method, distributed and undistributed earnings allocable to participating securities are deducted from net income to determine net income allocable to common shareholders, which is then used in the numerator of both basic and diluted earnings per share calculations. Basic earnings per common share are computed by dividing net income allocable to common shareholders by the weighted average number of common shares outstanding for the reporting period, excluding outstanding participating securities. Diluted earnings per common share are computed by dividing net income allocable to common shareholders by the weighted average number of common shares outstanding over the reporting period, adjusted to include the effect of potentially dilutive common shares, but excludes awards considered participating securities. The computation of diluted earnings per common share excludes the impact of the assumed exercise or issuance of securities that would have an anti-dilutive effect.

The following tables set forth the Company’s earnings per share calculations for the periods indicated:
 
 
Three Months Ended
 
June 30, 2019
 
March 31, 2019
 
June 30, 2018
 
(dollars in thousands, except per share data)
Basic
 
 
 
 
 
Net income
$
38,527

 
$
38,718

 
$
27,303

Less: Earnings allocated to participating securities
(444
)
 
(347
)
 

Net income allocated to common stockholders
38,083

 
38,371

 
27,303

 
 
 
 
 
 
Weighted average common shares outstanding
61,308,046

 
61,987,605

 
46,053,077

Basic earnings per common share
$
0.62

 
$
0.62

 
$
0.59

 
 
 
 
 
 
Diluted
 
 
 
 
 
Net income allocated to common stockholders
$
38,083

 
$
38,371

 
$
27,303

 
 
 
 
 
 
Weighted average common shares outstanding
61,308,046

 
61,987,605

 
46,053,077

Diluted effect of share-based compensation
353,727

 
298,178

 
649,891

Weighted average diluted common shares
61,661,773

 
62,285,783

 
46,702,968

Diluted earnings per common share
$
0.62

 
$
0.62

 
$
0.58


 
Six Months Ended
 
June 30, 2019
 
June 30, 2018
 
(dollars in thousands, except per share data)
Basic
 
 
 
Net income
$
77,245

 
$
55,305

Less: Earnings allocated to participating securities
(791
)
 

Net income allocated to common stockholders
76,454

 
55,305

 
 
 
 
Weighted average common shares outstanding
61,645,940

 
45,973,727

Basic earnings per common share
$
1.24

 
$
1.20

 
 
 
 
Diluted
 
 
 
Net income allocated to common stockholders
$
76,454

 
$
55,305

 
 
 
 
Weighted average common shares outstanding
61,645,940

 
45,973,727

Diluted effect of share-based compensation
334,193

 
704,396

Weighted average diluted common shares
61,980,133

 
46,678,123

Diluted earnings per common share
$
1.23

 
$
1.18



For the three and six months ended June 30, 2019, there were no RSUs or stock options that were anti-dilutive.