The following is a computation of basic and diluted earnings per common share for the years ended December 31, 2019, 2018 and 2017: | | | | | | | | | | | | | | | | | | (in thousands, except per share data) | 2019 | | 2018 | | 2017 | | Net income | $ | 354,095 | | | $ | 316,263 | | | $ | 242,313 | | | | | | | | | Weighted average number of common shares outstanding - basic | 220,339 | | | 220,280 | | | 220,251 | | Effect of potentially dilutive common shares (1) | 311 | | | 457 | | | 585 | | | Weighted average number of common shares outstanding - diluted | 220,650 | | | 220,737 | | | 220,836 | | | Earnings per common share: | | | | | | | Basic | $ | 1.61 | | | $ | 1.44 | | | $ | 1.10 | | | Diluted | $ | 1.60 | | | $ | 1.43 | | | $ | 1.10 | |
(1) Represents the effect of the assumed vesting of non-participating restricted shares, exercise of stock options, and vesting of restricted stock units, based on the treasury stock method.
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