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 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):


	Year Ended December 31,
	2019		2018		2017
Numerator:
Net income	$	144,738	$	134,572	$	95,128

Denominator:
Basic weighted average shares outstanding		58,430,597		58,739,670		58,785,118
Effect of dilutive securities:
Stock appreciation rights		124,425		176,700		198,642
Restricted stock		102,727		150,932		167,160

Diluted weighted average shares outstanding		58,657,749		59,067,302		59,150,920

Basic earnings per share	$	2.48	$	2.29	$	1.62

Diluted earnings per share	$	2.47	$	2.28	$	1.61

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:


	Year Ended December 31,
	2019		2018		2017
Restricted stock		—		214		166
Stock appreciation rights		20,770		13,347		21,234

Stock Repurchase Program

On February 16, 2018, the Board of Directors adopted new 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 959,380 shares under the Stock Repurchase Program.