Earnings Per Share

12 Months Ended

Dec. 31, 2020

EARNINGS PER SHARE

The following table sets forth the computation of earnings per share using the two-class method:


	Years ended December 31,
	2020		2019		2018
	(In thousands, except share data)
Basic earnings per share:
Net income	$	26,992	$	180,386	$	157,981
Allocation of net income to common stockholders:
Common stock	$	26,876	$	179,520	$	157,096
Unvested participating shares	116		866		885
Net income	$	26,992	$	180,386	$	157,981

Weighted average common shares outstanding:
Common stock	59,533,104		57,838,245		57,812,602
Unvested participating shares	255,733		278,808		325,289
Earnings per common share:
Common stock	$	0.45	$	3.10	$	2.72

The Company calculated diluted earnings per share for common stock using the more dilutive of the treasury stock method, or the two-class method. The following table sets forth the computation of diluted earnings per share using the two-class method:


	Years ended December 31,
	2020		2019		2018
	(In thousands, except share data)
Diluted earnings per share:
Earnings allocated to common stock	$	26,876	$	179,520	$	157,096
Plus: earnings allocated to unvested participating shares	116		866		885
Less: adjusted earnings allocated to unvested participating shares	(114)		(850)		(867)
Earnings allocated to common stock	$	26,878	$	179,536	$	157,114

Weighted average common shares outstanding:
Common stock	59,533,104		57,838,245		57,812,602
Effect of dilutive securities	776,881		1,108,995		1,188,067
Weighted average common shares outstanding — diluted	60,309,985		58,947,240		59,000,669
Earnings per common share:
Common stock	$	0.45	$	3.05	$	2.66

Options outstanding to purchase 0.9 million, 0.4 million, and 0.5 million shares of common stock were excluded from diluted earnings per share for the years ended December 31, 2020, 2019, and 2018, respectively, since their effect was anti-dilutive. These options may become dilutive in the future.