Earnings Per Share

9 Months Ended

Sep. 30, 2019

6. Earnings Per Share

Basic earnings per share is calculated by dividing net income by the weighted average shares outstanding. Diluted earnings per share is calculated using the treasury stock method by dividing net income by the total weighted average shares of common stock outstanding and restricted stock awards. The computations of basic and diluted net income per share were as follows (in thousands, except per share amounts):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018
Basic:
Net income	$	13,626	$	35,016	$	57,535	$	93,859
Weighted average shares outstanding		26,987		28,677		27,612		28,789

Basic net income per share	$	0.50	$	1.22	$	2.08	$	3.26

Diluted:
Net income	$	13,626	$	35,016	$	57,535	$	93,859

Weighted average share outstanding		26,987		28,677		27,612		28,789
Restricted stock awards		106		62		64		35
Total		27,093		28,739		27,676		28,824

Diluted net income per share	$	0.50	$	1.22	$	2.08	$	3.26