Earnings Per Share

9 Months Ended

Sep. 30, 2020

4. Earnings per Share

Earnings per share (“EPS”) are computed using the weighted average number of shares of capital stock outstanding. Earnings and diluted earnings per share are computed as follows (in thousands, except per share data):


			Net Income
For the Three Months Ended September 30,		Income		Shares	Earnings per Share
2020
	Earnings	$	67,722	15,940	$	4.25
	Dilutive stock options		-	358
	Nonvested stock awards		-	75
	Diluted earnings	$	67,722	16,373	$	4.14

2019
	Earnings	$	58,947	15,970	$	3.69
	Dilutive stock options		-	500
	Nonvested stock awards		-	85
	Diluted earnings	$	58,947	16,555	$	3.56


			Net Income
For the Nine Months Ended September 30,		Income		Shares	Earnings per Share
2020
	Earnings	$	205,714	15,948	$	12.90
	Dilutive stock options		-	394
	Nonvested stock awards		-	77
	Diluted earnings	$	205,714	16,419	$	12.53

2019
	Earnings	$	154,343	15,952	$	9.68
	Dilutive stock options		-	484
	Nonvested stock awards		-	78
	Diluted earnings	$	154,343	16,514	$	9.35

For the three months ended September 30, 2020, there were no stock options excluded from the computation of dilutive earnings per share because they would have been anti-dilutive.

For the nine months ended September 30, 2020, there were 277,000 stock options excluded from the computation of dilutive earnings per share because they would have been anti-dilutive.

For the three months ended September 30, 2019, there were no stock options excluded from the computation of dilutive earnings per share because they would have been anti-dilutive.

For the nine months ended September 30, 2019, there were 246,000 stock options excluded from the computation of dilutive earnings per share because they would have been anti-dilutive.