Earnings Per Share

6 Months Ended

Jun. 30, 2021

14. Earnings Per Share

We use the treasury stock method to calculate earnings per share as our currently issued non-vested RSUs and PSUs do not have participating rights.

The following table sets forth the computation of basic and diluted EPS for the three and six months ended June 30, 2021 and 2020 (in thousands, except share and per share information):


	Three Months Ended June 30,				Six Months Ended June 30,
	2021		2020		2021		2020
Numerator
Net income	$	117,910	$	38,450	$	219,562	$	64,576
Denominator
Weighted average common shares outstanding - basic		33,738,586		33,340,184		33,651,727		33,274,056
Dilutive effect of restricted stock units		218,052		121,510		269,212		195,013
Weighted average common shares outstanding - diluted		33,956,638		33,461,694		33,920,939		33,469,069
Earnings per share:
Basic	$	3.49	$	1.15	$	6.52	$	1.94
Diluted	$	3.47	$	1.15	$	6.47	$	1.93

Stock-based awards are excluded from the calculation of diluted EPS in the event they are subject to unsatisfied performance conditions or are antidilutive. We excluded 0.8 million common stock unit equivalents from diluted earnings per share during each of the three and six months ended June 30, 2021 and 2020 related to the PSUs for which performance conditions remained unsatisfied.