Earnings Per Share

12 Months Ended

Dec. 31, 2020

Earnings Per ShareThe Company’s unvested restricted shares contain rights to receive nonforfeitable dividends and thus are participating securities requiring the computation basic earnings per share (“EPS”) using the two-class method. The unvested restricted shares are both potential common shares and participating securities, the Company calculates diluted earnings per share by the more dilutive of the treasury stock method or the two-class method. The calculation of EPS for net income available to common shareholders shown below excludes the distribution of dividends and undistributed earnings attributable to participating securities from the numerator. Stock options are included in the diluted earnings per share calculation unless the stock options are anti-dilutive. PVRSUs are also included in the diluted earnings per share calculation if the performance or market conditions have been met as of the reporting date.

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


	Year Ended December 31,
(in thousands, except per share amounts)	2020		2019		2018
Numerator:


Net income	$	75,387	$	222,878	$	216,355
Income allocated to participating securities	(423)		(1,352)		(1,248)
Net income available to common shareholders	$	74,964	$	221,526	$	215,107
Denominator:
Weighted average common shares outstanding - basic	55,175		55,358		56,130


Basic earnings per share	$	1.36	$	4.00	$	3.83

Numerator:


Net income	$	75,387	$	222,878	$	216,355
Income allocated to participating securities	(423)		(1,346)		(1,241)
Net income available to common shareholders	$	74,964	$	221,532	$	215,114
Denominator:
Weighted average common shares outstanding - basic	55,175		55,358		56,130
Diluted effect of stock options and PVRSUs	354		310		471
Weighted average common shares outstanding - diluted	55,529		55,668		56,601



Diluted earnings per share	$	1.35	$	3.98	$	3.80

The following securities have been excluded from the calculation of diluted weighted average common shares outstanding as the inclusion of these securities would have an anti-dilutive effect:


	Year Ended December 31,
(in thousands)	2020	2019	2018
Stock Options	155	—	106
PVRSUs	231	168	243