Earnings Per Share

9 Months Ended

Sep. 30, 2020

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



	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(in thousands, except per share amounts)	2020			2019			2020			2019
Numerator:
Net income	$	14,500		$	76,239		$	67,522		$	180,709
Income allocated to participating securities	(78		)	(463		)	(378		)	(1,104		)
Net income available to common shareholders	$	14,422		$	75,776		$	67,144		$	179,605
Denominator:
Weighted average common shares outstanding – basic	55,106			55,366			55,167			55,346
Basic earnings per share	$	0.26		$	1.37		$	1.22		$	3.25

Numerator:
Net income	$	14,500		$	76,239		$	67,522		$	180,709
Income allocated to participating securities	(78		)	(461		)	(377		)	(1,100		)
Net income available to common shareholders	$	14,422		$	75,778		$	67,145		$	179,609
Denominator:
Weighted average common shares outstanding – basic	55,106			55,366			55,167			55,346
Diluted effect of stock options and PVRSUs	304			260			273			269
Weighted average common shares outstanding – diluted	55,410			55,626			55,440			55,615
Diluted earnings per share	$	0.26		$	1.36		$	1.21		$	3.23

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.

As of both September 30, 2020 and 2019, the Company had 0.9 million outstanding stock options. 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 both the three and nine months ended September 30, 2020, 0.2 million anti-dilutive stock options were excluded from the diluted EPS calculation. For the three months ended September 30, 2019, no anti-dilutive stock options were excluded from the diluted EPS calculation. For the nine months ended September 30, 2019, 0.2 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 September 30, 2020 and 2019, PVRSUs totaling 233,713 and 314,795, respectively, were excluded from the computation since the performance conditions had not been met.