Earnings Per Share

3 Months Ended

Mar. 31, 2020

The Company reports basic and diluted earnings per share. Basic earnings per share is computed by dividing net income attributable to shareholders of the Company by the weighted average number of common shares outstanding during the reported period. Diluted earnings per share reflect the potential dilution related to equity-based incentives using the treasury stock method. The calculation and reconciliation of basic and diluted earnings per share for the three months ended March 31, 2020, and 2019 is as follows (in thousands, except per share data):


	Three Months Ended March 31,
	2020		2019
Net income	$	147,060	$	172,107
Denominator for basic earnings per share	84,902		85,941
Dilutive securities	3,303		3,303
Denominator for diluted earnings per share	88,205		89,244
Basic earnings per share	$	1.73	$	2.00
Diluted earnings per share	$	1.67	$	1.93

Diluted earnings per share for the three months ended March 31, 2020 and 2019 excludes the effect of 0.1 million of common stock that may be issued upon the exercise of employee stock options because such effect would be anti-dilutive, respectively. Diluted earnings per share also excludes the effect of 0.1 million shares of performance based restricted stock for which the performance criteria have not yet been achieved for both the three month periods ended March 31, 2020 and 2019, respectively.