Net Earnings Per Share

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Net Earnings Per Share

6. Net Earnings Per Share

Basic net earnings per share is computed using net income divided by the weighted average number of shares of common stock outstanding (“Weighted Shares”) for each period presented. Diluted net earnings per share is computed using net income divided by the sum of Weighted Shares and common equivalent shares (CESs) outstanding for each period presented using the treasury stock method.

The following is a reconciliation of the net income and share amounts used in the computation of basic and diluted net earnings per common share for the three months ended March 31, 2018 and 2017 (in thousands, except per share data):

	Three Months Ended March 31,
	2018			2017
	(in thousands, except per share data)
Net income	$	22,652		$	28,224
Earnings per share:
Basic	$	0.34		$	0.40
Effect of CESs		(0.01	)		-
Diluted	$	0.33		$	0.40
Weighted average number of shares:
Basic		67,553			69,973
Effect of CESs		183			274
Diluted		67,736			70,247

The number of anti-dilutive CESs during 2018 and 2017 was immaterial.