Stockholders' Equity

6 Months Ended

Jun. 30, 2019

12.	STOCKHOLDERS’ EQUITY

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 June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Numerator:
Net income available to common shareholders	$	35,710	$	42,819	$	67,265	$	79,930
Denominator:
Basic weighted average shares outstanding		58,486,192		58,760,753		58,514,676		58,807,694
Effect of dilutive securities:
Stock appreciation rights and options		129,839		173,571		141,958		183,814
Restricted stock		71,509		117,089		101,567		133,750
Diluted weighted average shares outstanding		58,687,540		59,051,413		58,758,201		59,125,258
Basic earnings per share	$	0.61	$	0.73	$	1.15	$	1.36
Diluted earnings per share	$	0.61	$	0.73	$	1.14	$	1.35

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 June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Stock appreciation rights		24,536		21,260		18,675		16,063
Performance-based restricted stock units		—		854		—		427

Stock Repurchase Programs

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

June 30, 2019,

the Company had repurchased 709,461 shares of the Company’s outstanding common stock under the Stock Repurchase Program.