Net Income Per Common Share

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2020 and 2019.


	Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except per share data)	2020		2019		2020		2019
Basic Net Income Per Common Share:
Net income available to common shareholders	$	84,901	$	153,034	$	115,131	$	270,070
Weighted average common shares outstanding	147,288		157,389		147,300		159,148
Net income per common share, basic	$	0.58	$	0.97	$	0.78	$	1.70
Diluted Net Income Per Common Share:
Net income available to common shareholders	$	84,901	$	153,034	$	115,131	$	270,070
Weighted average common shares outstanding	147,288		157,389		147,300		159,148
Effect of dilutive outstanding equity-based awards, warrants, and earnout payments	445		1,688		767		1,760
Weighted average diluted common shares	147,733		159,077		148,067		160,908
Net income per common share, diluted	$	0.57	$	0.96	$	0.78	$	1.68

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 June 30, 2020 and 2019, there were 1.3 million 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.