Earnings Per Share

6 Months Ended

Jun. 30, 2019

The computation of basic and diluted earnings per common share is as follows:



	Three Months Ended						Six Months Ended
	June 30,						June 30,
(In thousands, except per share amounts)	2019			2018			2019			2018
Computation of Basic Earnings Per Share:
Numerator:
Net income	$	74,389		$	79,839		$	104,470		$	104,925
Income allocated to participating securities	(468		)	(462		)	(640		)	(627		)
Net income available to common shareholders	$	73,921		$	79,377		$	103,830		$	104,298
Denominator:
Weighted average common shares outstanding – basic	55,323			56,364			55,335			56,414
Basic earnings per share	$	1.34		$	1.41		$	1.88		$	1.85

Computation of Diluted Earnings Per Share:
Numerator:
Net income	$	74,389		$	79,839		$	104,470		$	104,925
Income allocated to participating securities	(466		)	(459		)	(638		)	(623		)
Net income available to common shareholders	$	73,923		$	79,380		$	103,832		$	104,302
Denominator:
Weighted average common shares outstanding – basic	55,323			56,364			55,335			56,414
Diluted effect of stock options and PVRSUs	237			468			273			557
Weighted average common shares outstanding – diluted	55,560			56,832			55,608			56,971
Diluted earnings per share	$	1.33		$	1.40		$	1.87		$	1.83

The Company's unvested restricted shares contain rights to receive nonforfeitable dividends, and thus are participating securities requiring the two-class method of computing earnings per share ("EPS"). The calculation of EPS for common stock shown above excludes the income attributable to the unvested restricted share awards from the numerator and excludes the dilutive impact of those awards from the denominator.

At June 30, 2019 and 2018, the Company had 1.0 million and 1.3 million outstanding stock options, respectively. Stock options are included in the diluted EPS calculation using the treasury stock method and average market prices during the period, unless the stock options would be anti-dilutive.

For the three months ended June 30, 2019, no anti-dilutive stock options were excluded from the diluted EPS calculation. For the six months ended June 30, 2019, 0.2 million anti-dilutive stock options were excluded from the diluted EPS calculation. For the three and six months ended June 30, 2018, 0.1 million anti-dilutive stock options were excluded from the diluted EPS calculation.

PVRSUs are also included in the diluted EPS calculation when the performance conditions have been met at the reporting date. However, at June 30, 2019 and 2018, PVRSUs totaling 315,561 and 324,434, respectively, were excluded from the computation since the performance conditions had not been met.