Net Income Per Common Share

3 Months Ended

Mar. 31, 2020

Note 9 - Net Income Per Common Share

The following table displays a reconciliation of the information used in calculating basic and diluted earnings per common share for the three months ended March 31, 2020 and 2019.


	Three Months Ended March 31,
(in thousands, except per share data)	2020		2019
Basic Net Income Per Common Share:
Net income available to common shareholders	$	30,230	$	117,036
Weighted average common shares outstanding	147,311		160,927
Net income per common share, basic	$	0.21	$	0.73
Diluted Net Income Per Common Share:
Net income available to common shareholders	$	30,230	$	117,036
Weighted average common shares outstanding	147,311		160,927
Effect of dilutive outstanding equity-based awards, warrants, and earnout payments	1,090		1,833
Weighted average diluted common shares	148,401		162,760
Net income per common share, diluted	$	0.20	$	0.72

Basic net income per common share is computed by dividing net income available to common shareholders by the average common shares outstanding for the period. Diluted net income per common share reflects the dilution that could occur if securities or other contracts to issue common stock were exercised or converted. The dilutive effect of outstanding stock options, restricted share units, and warrants is reflected in diluted net income per common share, unless the impact is anti-dilutive, by application of the treasury stock method.

As of March 31, 2020 and 2019, there were 557 thousand and 40 thousand, respectively, potentially dilutive shares related to stock options to purchase shares of common stock that were outstanding during these quarters. Potentially dilutive shares are not included in the computation of diluted net income per common share because the effect would be anti-dilutive.