Stockholders' Equity

3 Months Ended

Mar. 31, 2019

Stockholders' Equity

12.

STOCKHOLDERS’ EQUITY

Second Certificate of Amendment to the Restated Certificate of Incorporation

The Company’s Board of Directors unanimously approved

a Second Certificate of Amendment to the

Restated Certificate of Incorporation (

Second

Amendment) on February 14, 2018, subject to stockholder approval. At the annual meeting of stockholders of the Company held on May 2, 2018, the Company’s stockholders approved the

Second

Amendment, effective as of May 2, 2018. The

Amendment increased the number of shares of common stock, par value $.01 per share, that the Company is authorized to issue from 80,000,000 shares to 120,000,000 shares. The

Second

Amendment was filed with the Delaware Secretary of State on May 2, 2018.

Stock Split

On May 2, 2018, the Board of Directors of the Company approved a two-for-one stock split of the Company’s common stock, par value $0.01. The stock split was in the form of a stock dividend distributed on June 18, 2018, to stockholders of record at the close of business on May 23, 2018. The stock split entitled each stockholder to receive one additional share of common stock, par value $0.01, for each share they held as of the record date. All common stock share and per share data for all periods presented in the accompanying unaudited condensed consolidated financial statements and notes thereto have been retroactively adjusted to reflect the stock split.

Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except share and per share data):

	Three Months Ended March 31,
	2019		2018
Numerator:
Net income available to common shareholders	$	31,555	$	37,110
Denominator:
Basic weighted average shares outstanding		58,543,478		58,855,156
Effect of dilutive securities:
Stock appreciation rights and options		154,076		194,056
Restricted stock		131,623		150,410
Diluted weighted average shares outstanding		58,829,177		59,199,622
Basic earnings per share	$	0.54	$	0.63
Diluted earnings per share	$	0.54	$	0.63

Diluted earnings per share is computed using the weighted average number of shares determined for the basic earnings per share computation plus the dilutive effect of common stock equivalents using the treasury stock method. The computation of diluted earnings per share excludes the following potentially dilutive securities because the effect would be anti-dilutive:

	Three Months Ended March 31,
	2019		2018
Stock appreciation rights		12,813		5,433

Stock Repurchase Program

On February 16, 2018, the Board of Directors adopted a stock repurchase program of up to 5.8 million shares of the Company’s outstanding common stock (Stock Repurchase Program). As of the date of this report, the Company has repurchased 584,310 shares of the Company’s outstanding common stock under the Stock Repurchase Program.