Earnings Per Share

6 Months Ended

Jun. 30, 2019

NOTE 15. Earnings Per Share

Basic earnings per share is calculated using the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is computed in the same manner and also gives effect to all dilutive common stock equivalent shares outstanding during the period. Potential common shares that would have the effect of increasing diluted earnings per share are considered to be anti-dilutive. In accordance with U.S. GAAP, these shares were not included in calculating diluted earnings per share.

The following table sets forth the weighted average number of restricted stock units that have been excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Restricted stock units		64		11		136		22
Total		64		11		136		22

The Company’s basic and diluted earnings per share amounts are as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Numerator:
Net income	$	5,526	$	14,697	$	13,102	$	29,827
Denominator:
Basic earnings per share - weighted average shares outstanding		31,126		31,859		31,058		31,760
Effect of potential dilutive securities:
Employee stock options and restricted stock units - dilutive shares		272		578		311		617
Diluted earnings per share - weighted average shares outstanding		31,398		32,437		31,369		32,377
Earnings per share:
Basic	$	0.18	$	0.46	$	0.42	$	0.94
Diluted	$	0.18	$	0.45	$	0.42	$	0.92